Hedge Funds

Hedge Fund Update: First Quarter 2018

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Global equity markets marched upward to start the year, and many indexes reached new all-time highs in late January, only to drop sharply when volatility returned with a vengeance beginning the last week of that month. In this quarter’s update, we look at the volatility and dispersion that broadly characterized the period for fundamental hedge fund strategies, while highlighting the churn that affected managed futures and particularly trend following systems.

US Manager Universe Statistics: First Quarter 2018

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This chart book presents representative long-only and hedge fund manager performance for first quarter 2018. The median Global ex US Bonds manager posted the highest median return for first quarter 2018, returning 3.5%. Global ex US Small-Cap Equity managers posted the best returns for the one-year period ending March 31, 2018, with a median return of 26.4%. The median US REITs manager posted the lowest median return for both first quarter 2018 (-6.5%) and for the one-year period ending March 31, 2018 (-1.1%).

Hedge Fund Update: Fourth Quarter 2017

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Global risk assets appreciated materially in fourth quarter 2017 and for the year as a whole, and US equity indexes once again ended both the quarter and calendar year near historic highs. This quarter, we examine the cyclicality of recent performance trends and consider what the future may hold for event-driven strategies.

US Manager Universe Statistics: Fourth Quarter 2017

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This chart book presents representative long-only and hedge fund manager performance for fourth quarter 2017. The median US Growth Equity ex Small-Cap manager posted the highest median return for fourth quarter 2017, returning 6.8%. Emerging & Frontier Markets Equity managers posted the best returns for the one-year period ending December 31, 2017, with a median return of 36.8%. The median US Intermediate-Term Bonds manager posted the lowest median return for fourth quarter 2017 (0.0%), while the median Cash Management return was lowest for the one-year period ending December 31, 2017 (1.1%).

Hedge Fund Update: Third Quarter 2017

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Global equity markets continued to advance in third quarter 2017. This is in stark contrast to recent years when US markets were generally the top performer. This quarter, we discuss the positive effect this reversal had on fundamental strategies, and the challenges momentum-based managers confronted.

US Manager Universe Statistics: Third Quarter 2017

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This chart book presents representative long-only and hedge fund manager performance for third quarter 2017. The median Global ex US Small-Cap Equity manager posted the highest median return for both third quarter 2017 and the one-year period ending September 30, 2017, returning 8.6% and 23.6% for the respective periods. The median Cash Management manager posted the lowest median return for third quarter 2017 (0.3%), while the US REITs median return was lowest for the one-year period ending September 30, 2017 (0.4%).

US Manager Universe Statistics: Second Quarter 2017

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This chart book presents representative long-only and hedge fund manager performance for second quarter 2017. The median Global ex US Small-Cap manager posted the highest return for the quarter (8.9%), while the median Emerging and Frontier Markets manager posted the highest return for the trailing one-year period (24.0%). The median Cash Management manager posted the lowest return for the quarter (0.3%); for the trailing one-year period, the median Global ex US Bonds manager posted the lowest return (-0.6%).

US Manager Universe Statistics: First Quarter 2017

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This chart book presents representative long-only and hedge fund manager performance for first quarter 2017. The median Emerging and Frontier Markets Equity manager posted the highest return for the quarter (11.9%), while the median US Small-Cap Value manager posted the highest return for the trailing one-year period (23.7%). The median Cash Management manager posted the lowest return for the quarter (0.3%); for the trailing one year, the median manager in only one strategy, Global ex US Bonds, posted a negative return (-1.3%).