(Harvest) Investors know all too well about the underperformance of the hedge fund industry relative to traditional benchmarks. We won’t talk about that today, but rather look a bit deeper under the hood of the industry to get at the drivers of performance and understand the trends that shape hedge fund portfolios today.
For this article we (exclusively) used public holdings data reported by about 1,200 hedge fund managers that we track in a curated list called the Hedge Fund Universe (HFU). It covers just over $2T in long market value, thousands of securities and hundreds of thousands of positions over roughly two decades of data. Around 85% of the market value is sourced from 13Fs with the rest coming from global regulatory filings. The portfolio is available for further analysis to Novus clients, like the thousands of managers on the platform (HF’s and long only managers) with a public data subscription.
