WSJ – Overall growth at the top 20 remained virtually flat in the past 12 months, dragged down by poor performance from managed futures strategies but boosted by buoyant equity markets. Guy Wolf, global head of market analytics at commodities broker Marex Spectron, said: “The picture is of an industry treading water. There’s not as much movement in the top 20 as one might have thought.”
But there was also a sharp divergence between strategies. Managed futures funds were often caught off guard in the past 12 months, while investors continued to favor the biggest funds and outstanding performance was driven by big bets on U.S. housing and activism.