Swedish hedge fund investor Brummer & Partners' $5bn flagship fund returned to the black last year after suffering its first annual loss in 2016 — despite experiencing its worst December returns in a decade.

The Brummer multi-strategy fund, which has 41.4bn Swedish krone ($5.1bn) under management, was up 8.48% in dollar terms in 2017 as of December 29. By January 15, gains this year had already reached an estimated 2.3%.