Tough Sailing for Event-Driven Strategies
Event-driven strategies have struggled since mid-2014, but the headwinds recently plaguing them could become less forceful in the months ahead.
Hedge Funds
US Manager Universe Statistics: Fourth Quarter and Calendar Year 2015
This chart book presents representative marketable and hedge fund manager performance for fourth quarter 2015. The median US REIT manager again posted the highest median quarterly return, 7.7% for fourth quarter 2015. The lowest median returns for the quarter (-1.4%) were posted by the median High-Yield Bonds manager and the median Credit Opportunities manager.
Hedge Fund Update: Fourth Quarter 2015
This quarter’s publication reviews three of the crosscurrents that swept the hedge fund investment landscape in fourth quarter and then delves more deeply into the event-driven space, examining some of the causes of recent poor performance in this area and the prospects going forward.
US Manager Universe Statistics: Third Quarter 2015
This chart book presents representative marketable and hedge fund manager performance for third quarter 2015.
Hedge Fund Update: Third Quarter 2015
Volatility further increased in the third quarter, with a number of notable “events.” First, the People’s Bank of China devalued the Chinese yuan (RMB, CNY) by almost 2% in early August. Ostensibly one step on the path to a designation of special drawing rights by the International Monetary Fund, it was, in fact, a response…
Navigating the Diversified Growth Fund Maze
Diversified growth funds (DGFs) have garnered significant attention and assets—particularly amongst UK defined benefit pension schemes—as a less volatile source of long-term growth. DGFs can be valuable tools for pension portfolio management, but only if trustees understand what they are buying and how it fits into the context of the total portfolio. The simple bifurcation of the available products into traditional and absolute return strategies can be a starting point for trustees to help make sense of the market and set appropriate risk/return expectations across different market environments.
Activist Funds: The New, New Thing . . . Or Here We Go Again?
Given a choice today between competing investment strategies, activists would not be near the top of our list, as the fawning attention over successful activists has narrowed the available opportunity set by boosting the available pool of money and drawing in new managers.
US Manager Universe Statistics: Second Quarter 2015
This chart book presents representative marketable and hedge fund manager performance for second quarter 2015.
Hedge Fund Update: Second Quarter 2015
Long/Short Hedge Fund Strategies At the midpoint of 2015, hedge funds as a group have outpaced widely quoted US large capitalization equity market indexes. Through June 30, 2015, the S&P 500 Index is up 1.2% and the Dow Jones Industrial Average is flat at 0.0% for the year, while the Credit Suisse Hedge Fund Index…
US Manager Universe Statistics: First Quarter 2015
This chart book presents representative marketable and hedge fund manager performance for first quarter 2015. The median Global ex US Small-Cap Equity manager posted the highest return (5.9%) for the quarter; the median manager in this asset class returned -1.6% for the one-year period ending March 31, 2015. The median US REIT manager posted the highest…