This publication presents manager performance for 37 asset classes and substrategies, showing the median, mean, and key percentiles of return. Relevant indexes for each asset class are also included to provide market context.
This publication presents manager performance for 37 asset classes and substrategies, showing the median, mean, and key percentiles of return. Relevant indexes for each asset class are also included to provide market context.
In this quarter’s update, we discuss prospects for a coming wave of defaults and bankruptcies, as well as the potential opportunity set for credit-focused hedge fund managers.
While US-China tensions began to slowly de-escalate in the the first half of FY 2020, the arrival of the COVID-19 pandemic in the second half upended the investment landscape. Gold and US Treasuries were the big winners as investors rushed into safe havens, while central banks cut rates and expanded QE programs. Equities have mounted a remarkable comeback, while real assets generally remain quite depressed. This chart book presents returns and other market metrics for fiscal year 2020.
This publication presents manager performance for 37 asset classes and substrategies, showing the median, mean, and key percentiles of return. Relevant indexes for each asset class are also included to provide market context.
With volatile asset prices and collapsed liquidity due to the COVID-19 pandemic, first quarter 2020 was one for the record books in terms of capital markets gyrations. To date, hedge funds in general have weathered this crisis relatively well. In such an environment, we believe the most skilled hedge fund managers with the strongest business models can thrive.
This publication presents manager performance for 37 asset classes and substrategies, showing the median, mean, and key percentiles of return. Relevant indexes for each asset class are also included to provide market context.
Major global equity markets enjoyed healthy gains in fourth quarter 2019 and generated double-digit returns for the full calendar year, in stark contrast to the broad-based declines experienced in 2018. Hedge fund performance also bounced back last year, finishing 2019 on a high note. While hedge funds fared better in 2019, disappointing alpha generation at the overall industry level in recent years has resulted in a large disconnect between limited partners’ performance expectations and hedge fund fees and terms.
The gradual abatement of geopolitical risks, and a renewed accommodative stance from global central banks, led to a strong rebound in risk sentiment in 2019. Equities led the way higher, while interest rate cuts ensured fixed income markets participated in what was a robust year for asset classes across the board. This chart book explores global asset returns and the factors influencing performance last year.
It has been a challenging time for hedge funds in recent years. Loose monetary policy has driven equity markets upwards and hurt short books. The growth of quantitatively traded funds has eroded some of the inefficiencies commonly exploited by hedge funds. This fact, coupled with the shift toward low-fee passive and alternative risk premia (ARP) products, has raised questions about the merits of hedge funds in investor portfolios. In this paper, we focus on comparing ARP versus hedge funds and investigate whether hedge funds and ARP funds are complementary or whether ARP funds are actually a viable replacement for hedge funds.