Hedge Funds

US Manager Universe Statistics: Fourth Quarter 2018

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This chart book presents representative long-only and hedge fund manager performance for fourth quarter 2018. The median US Core Bonds manager posted the highest median return for fourth quarter 2018, returning 1.4%. The median Cash Management manager posted the best returns for the one-year period ending December 31, 2018, with a return of 2.0%. The median US Small-Cap Growth Equity manager posted the lowest median return for fourth quarter 2018 (-20.4%). The median Global ex US Small-Cap manager suffered the worst performance (-19.1%) for the one-year period.

Hedge Fund Update: Fourth Quarter 2018

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In this quarter’s update, we look at the market pressure long/short equity managers experienced in October as technical selling by some tightly risk-controlled multi- manager platforms and other volatility-targeting strategies, combined with a deleveraging effect stemming from ongoing redemption activity (including announcements of several high-profile fund closures) created major headwinds for the strategy.

Hedge Fund Update: Third Quarter 2018

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Following a more gradual climb in first half 2018, US equities appreciated materially in third quarter, ending September just off record highs set in the prior weeks. The S&P 500 Index returned 7.7% in third quarter and 10.6% year-to-date; by comparison, the Russell 2000® Index returned 3.6% and 11.5%, respectively. All Global Industry Classification Standard…

Alternative Risk Premia Funds: An Attractive Diversifier? (Sterling Edition)

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Elevated equity market valuations and potentially rising bond yields suggest the return environment for traditional risk assets could be difficult. Faced with this challenge, institutional investors are seeking alternative sources of return. Alternative risk premia (ARP) strategies – which harvest well-established risk premia and market anomalies across asset classes – may fit the bill. ARP…

Hedge Fund Update: Second Quarter 2018

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Developed markets equities rose steadily in second quarter despite negative geopolitical developments and increased tensions on the trade front. In this quarter’s update, we look at the environment and opportunity set for event-driven strategies, highlighting conditions that have fostered a constructive outlook for merger arbitrage in particular. We also explore hedge fund managers’ increasing use of activist campaigns as a tool to effect corporate change and improve shareholder returns, both in the United States and abroad.

US Manager Universe Statistics: Second Quarter 2018

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This chart book presents representative long-only and hedge fund manager performance for second quarter 2018. The median US Small-Cap Growth manager posted the highest median return for both second quarter 2018 (8.7%) and the one-year period ending June 30, 2018 (25.4%). The median Emerging and Frontier Markets Equity manager posted the lowest median return for second quarter 2018, returning -8.6%, and the median Emerging Markets Debt manager suffered the worst performance for the one-year period ending June 30, 2018 (-1.6%).

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.