Each business day HedgeCo.Net keeps you informed with the top hedge fund industry news, opinion and insight from around the globe. From the latest hedge fund launches, to the impact of regulation, competition, and investor activism - we track the topics and people that make a difference to you.
New York (HedgeCo.net) – The University of Oxford is establishing a lab as the latest project in the collaborative venture between Oxford and $58.4 billion hedge fund investment manager, Man Group plc.
The Oxford-Man Institute of Quantitative Finance (OMI) virtual ‘data lab’ will be powered by OneTick, a single solution for complex event processing (CEP), analytics and tick data created by OneMarketData, LLC.
“Markets are complex, evolving systems carrying a huge amount of data, Being able to access and manage financial and business data quickly is very important if we are to learn how to address the key problems associated with financial markets and risk in a way that has significant impact.” Professor Terry Lyons FRS, Director of the Oxford-Man Institute, said, “The new system will aid our researchers in gaining a better and deeper understanding of financial markets, their behaviour, their stability, and their inter-dependence.”
The data lab will mirror the systems already used by commercial financial institutions worldwide to capture, store and analyse vast amounts of financial data, educating the next generation with a range of tools they need to create new economic and trading strategies.
Researchers at the Institute carry out work on market volatility, hedge fund liquidity, credit default and systemic risk and are pioneers in computational techniques and new mathematics to optimise portfolios.
New York (HedgeCo.net) – Hedge funds significantly outperformed traditional asset classes such as equities, bonds and commodities over the last 17 years according to a new study by The Centre for Hedge Fund Research at Imperial College in London. The research, commissioned by KPMG, the international audit, tax and advisory firm, and the Alternative Investment Management Association (AIMA), the global hedge fund association, is the most comprehensive of its kind to date.
The report, entitled “The Value of the Hedge Fund Industry to Investors, Markets and the Broader Economy”, found that, per annum, hedge funds returned 9.07% on average after fees between 1994 and 2011, compared to 7.18% for global stocks, 6.25% for global bonds and 7.27% for global commodities. Moreover, hedge funds achieved these returns with considerably lower risk volatility as measured by Value-at-Risk (VaR) than either stocks or commodities. Their volatility and Value-at-Risk were similar to bonds, an asset class considered the least risky and volatile. The research also demonstrated that hedge funds were significant generators of “alpha”, creating an average of 4.19% per year from 1994-2011.
“This research is powerful proof of hedge funds’ ability to generate stronger returns than equities, bonds and commodities and with lower volatility and risk than equities,” said Andrew Baker, AIMA’s CEO.
Portfolios including hedge funds also outperformed those comprising only equities and bonds, The Centre for Hedge Fund Research concluded. The study showed that such a portfolio outperformed a conventional portfolio that invested 60% in stocks and 40% in bonds. The returns of the portfolio with an allocation to hedge funds also yielded a significantly higher Sharpe ratio (which characterises how well the return of an asset compensates the investor for the risk taken) with lower “tail risk” (the risk of extreme fluctuation).
The Centre for Hedge Fund Research has created a unique aggregate hedge fund and benchmark index database. The database represents a careful aggregation of all the current information from multiple leading sources about hedge fund performance globally. Survivorship bias is not a factor because both active and inactive funds are included.
“The most interesting point to come out of this research is that it disproves common public misconceptions that hedge funds are expensive and don’t deliver. The strong performance statistics, showcased in our study, speak for themselves,” said Rob Mirsky, Head of Hedge Funds at KPMG in the UK.
The new report is the first of a two-part series on the state of the global hedge fund industry and contains a literature review of current academic work on the industry. The report also highlights the positive contributions the hedge funds industry makes to the broader economy. Not only are hedge funds important liquidity providers in the markets they are active in, they also have a role to play in the efficient allocation of capital, portfolio diversification and financial stability.
Part two of the report, which will be released in May, is based on a global survey of hedge fund managers. It will look at leading industry trends such as the impact of increasing institutionalisation of the industry on hedge fund managers’ operational infrastructure and how the demands of regulatory compliance and transparency to investors are shaping the industry.
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New York (HedgeCo.net) – The Eurekahedge Hedge Fund Index was flat to marginally negative through March, losing 0.18%1 for the month, with the year-to-date figure standing at 4.08%. Japanese hedge funds posted the best monthly returns among regional mandates while Latin American, Asia ex-Japan and European managers outperformed their underlying equity markets.
Managers increased their total assets for the quarter by US$47.9 billion through performance and investment flows, with the former accounting for US$40 billion of capital flows. Inflows from investors in the first three months of 2012 amounted to US$7.9 billion, bringing the current assets under management to US$1.75 trillion
Highlights from this month’s report:
Long/short equity, multi-strategy and relative value funds witnessed their best quarter in two and a half years with gains of 6.15%, 4.57% and 4.61%
Assets in hedge funds crossed US$1.75 trillion, gaining nearly US$50 billion in the first three months of 2012
Long-only absolute return funds saw gains of 11.4% in the first quarter of this year
Relative value managers reached US$50 billion of capital for the first time on record
Islamic funds outperformed other alternative vehicles, gaining 0.63% during March 2012
More than 150 hedge funds have been launched globally as at the end of March this year
In other news, the Asian Hedge Fund Awards 2012 is one month away and will be taking place at The Stamford Ballroom, Fairmont Hotel, Singapore on 25th May. Aside from presenting awards to the top achievers of 2011, Eurekahedge will be partnering with the RICE fund to hold a charity auction.
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New York (HedgeCo.net) – New hedge fund research has emerged from the Frank G. Zarb School of Business at Hofstra University in conjunction with hedge fund accounting and advisory firm EisnerAmper LLP., “The Dodd-Frank Bill – a Year and a Half Later: Views from the Hedge Fund Industry.”
Among the key findings, hedge fund managers reported that Dodd-Frank rules driving increased transparency while increasing investor demand for information have been broadly positive for the industry. Due diligence process, risk management procedures and reporting requirements all have increased investor acceptance of hedge funds, allowing them to become increasingly mainstream investment vehicles for institutional and individual investors.
Large firms, in particular, seemed to welcome the additional scrutiny, with large majorities favoring SEC registration, the European Passport and a majority backing supervision from the Treasury and the Federal Reserve Bank.
“Managers view registration with the SEC as a cost of doing business,” said Nicholas Tsafos, partner in accounting firm EisnerAmper. “It makes investors more comfortable with hedge fund investing.”
Other significant findings include:
• Managers expect their operational cost will rise due to increased costs of the regulations found in the Dodd-Frank bill
• Pending European Union (EU) regulation may limit remuneration (73% of small fund managers agreed, while 50% of large fund managers did)
• Large (63.2%) and small (78.1%) fund managers expect that new provisions would harm U.S. competitiveness
• Very few managers felt that the Federal Stability Oversight Committee (FSOC) would be able to tame systemic risk in the financial system (only 11.1% of large funds and 10.5% of small funds agreed)
• The Report makes several concluding statements regarding the impact of Dodd-Frank including the realization that the ramifications of the proposed reforms are not yet clear eighteen months after passage of the Act, with many of the more than 400 rules not yet finalized. Anoop Rai, a professor at the Zarb School, and one of the principal authors of the Report, said that in fact this was “…reassuring, as these are important rulings and should be made only after thorough discussions and vetting with all the affected parties.”
More than 40 senior managers from hedge funds and asset management firms were interviewed in depth by phone or via a detailed email survey. The interviews allowed for follow-up questioning to gain clarity and support the conclusions of the survey. Half of the respondents were from funds with assets under management (AUM) that exceeded $1 billion. The responding executives were at companies that covered activities including long-short funds, global-macro, fixed income, commodity, arbitrage, event-driven and sector specific strategies. The full report can be seen at the EisnerAmper website.
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New York (HedgeCo.net) – Hedge fund flows as measured by the GlobeOp Capital Movement Index advanced 0.35% in April.
“Outflows tend to be seasonally higher at quarter ends as investors rebalance their portfolios,” said Hans Hufschmid, chief executive officer, GlobeOp Financial Services (LSE:GO.). “Despite this, net flows for April were slightly positive.”
Cumulatively, the GlobeOp Capital Movement Index for April 2012 stands at 144.94 points, an increase of 0.35 points over March 2012. The Index has advanced 14.72 points over the past 12 months. The next publication date is May 11, 2012.
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New York (HedgeCo.net) – After experiencing the best start to a year since 2000, hedge funds paused for a breather during March, delivering a marginally negative performance. With the exception of the US, most markets across the globe registered declines and the Eurekahedge Hedge Fund Index dipped 0.14% in March with the MSCI World Index up by 0.39% for the month.
Key highlights for March 2012:
* Long/short equity, multi-strategy and relative value funds witnessed their best quarter since 3Q 2009 with gains of 6.1%, 4.93% and 4.29% respectively.
* Assets in hedge funds crossed US$1.76 trillion, gaining over US$50 billion during the first three months of 2012.
* Long-only absolute return funds saw gains of 11.4% in the first quarter of this year.
* Hedge fund managers employing non-conventional strategies have grown their assets to US$63.2 billion, their highest level since August 2008.
* Relative value managers reached US$50 billion of capital for the first time on record.
* Islamic funds outperformed other alternative vehicles, gaining 0.63% during March 2012.
* More than 100 hedge funds have been launched globally as at the end of March this year.
March was a month filled with mixed returns across the various regional investment mandates. Early results showed that Latin American hedge funds delivered the best performance this month and the Eurekahedge Latin American Hedge Fund Index gained a notable 0.80% despite most emerging markets witnessing sell-offs during this period – evident in the 3.50% decline in the MSCI Emerging Markets Index. Managers invested in the region had taken cautious positions in the Brazilian market-based risks of overvaluation and currency. Short positions in Brazil were helpful to portfolios and some managers also reported positive returns from long holdings in the broader region.
North American managers witnessed their fourth consecutive month of positive returns with the Eurekahedge North American Hedge Fund Index gaining 0.46%, bringing its year to date return to 4.63%. Overhang from the high risk aversion and volatility seen in 2H 2011 resulted in some careful positioning by North American hedge funds, effectively preventing most managers from capitalising on the strong positive trend in 1Q 2012. The S&P500 gained 12% in the first quarter of 2012, reflecting the best quarterly performance since 1998.
Most strategic mandates delivered marginally positive results in March with hedge fund managers investing in fixed income products performing better than the rest. The Eurekahedge Relative Value Hedge Fund Index gained 0.48% while the Eurekahedge Fixed Income Hedge Fund Index was up 0.46% during the month. A number of managers reported gains from long positions in the high yield loans sector as declining fears about the European debt situation led to a strong performance in lower rated bonds.
CTA/managed futures and macro funds delivered the worst performance for March with a decrease of 0.72% and 0.70% respectively. The weak performance of commodities during the month contributed to the declines in these strategies. The DJ UBS Commodity Index dropped 4.14% and the S&P Goldman Sachs Commodity Index lost 2.36% with natural gas prices declining 22% during the month. Oil prices also saw a decline in March amid speculation of the release of strategic reserves and concerns of a lowering demand due to slowdown in China. Some managers also reported losing out due to long positions in gold.
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New York (HedgeCo.net) – The hedge fund industry’s top 25 managers took home a combined $14.4 billion in 2011, according to AR magazine’s annual Rich List survey of the world’s top-earning hedge fund managers. The average pay for the top 25 was $576 million, according to the ranking, which appears in the April issue of AR.
The richest managers were not immune to market volatility, however. Last year’s total compensation for the 25 top earners fell nearly 35 percent from more than $22 billion in 2010, and disappointing hedge fund performance played a large role in the steep decline. The HedgeFund Intelligence Global Composite Index lost 2.01 percent last year.
“Hedge fund managers are paid high fees to deliver positive absolute returns, regardless of the direction of the markets,” says Michael Peltz, editor of both AR and Institutional Investor magazines. “In 2011, the majority of managers failed to do that.”
Several managers bucked that trend, led by Raymond Dalio, the founder of Westport, Connecticut–based Bridgewater Associates. Dalio is the top hedge fund moneymaker for 2011, with earnings of nearly $4 billion. Bridgewater is now the largest hedge fund firm in the world, with $70 billion in hedge fund assets and $120 billion in total assets under management.
Corporate-raider-turned-activist-investor Carl Icahn takes second place, with a $2.5 billion payday in 2011. Though he returned capital to outside investors in the first half of 2011, his full-year gains of 34.5 percent before fees enabled him to qualify for this year’s list.
Renaissance Technologies Corp. founder James Simons, No. 3 on the list, also benefited from strong performance, ending the year with a $2.1 billion paycheck. Though Simons is retired from the East Setauket, New York firm, he still has a large percentage of his personal capital invested in Renaissance’s hedge funds, which produced big gains last year.
The top five moneymakers for 2011 were:
1. Raymond Dalio (Bridgewater Associates)….$3.9 billion
2. Carl Icahn (Icahn Capital Management)…..$2.5 billion
3. James Simons (Renaissance Technologies Corp.)….$2.1 billion
4. Kenneth Griffin (Citadel)….$700 million
5. Steven Cohen (SAC Capital Advisors)….$585 million
Several managers turned in tepid performances in 2011, but that didn’t stop them from qualifying for this year’s Rich List. No fewer than 11 managers made the list despite posting only single-digit gains in their funds. This is partly because these managers have much of their personal wealth tied up in their funds, but also because their firms’ assets have grown so large that income generated from management fees — typically 1 to 2 percent of a firm’s assets — became a huge profit center.
The tough markets in 2011 led to a major shakeup of the Rich List this year. The majority of last year’s winners — some 15 managers — fell off the list. The most high profile of these is Paulson & Co. founder John Paulson, who failed to make the Rich List for the first time since 2007 after some of his firm’s hedge funds generated losses of between 30 and 50 percent.
There is no shortage of fresh faces on this year’s Rich List. Eight managers on the list are newcomers, demonstrating that even in challenging markets it’s still possible to generate outsize returns. They include Bridgewater co-chief investment officers Greg Jensen and Robert Prince, and Paul Singer of Elliott Management Corp.
This year marks the 11th year of the Rich List ranking, which started in the pages of Institutional Investor magazine, before migrating to AR. To be included on this year’s list, a manager had to earn $100 million, the lowest number in four years. The full list of the 25 top hedge fund moneymakers 2011 appears in the April issue of AR.
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New York (HedgeCo.net) – The Eurekahedge Hedge Fund Index gained 2.05% in February as optimism about the European debt situation and strengthening global economy fuelled rallies in the underlying markets. The MSCI World Index increased 4.55% as investor sentiment remained positive for the second month running.
The first two months of 2012 marked the strongest start to a year in the last 12 years, with the Eurekahedge Hedge Funds Index up 4.35% February year-to-date (YTD). The sector has witnessed gains across the board as risk attitudes have sustained.
Key highlights for February 2012:
* All regional and strategic mandates report net gains for two consecutive months
* The asset weighted Mizuho-Eurekahedge Asia ex-Japan Hedge Fund Index was up 9.15%
* The Eurekahedge Hedge Fund Index was up 4.31% for the first two months of 2012 as the industry enjoyed its strongest start to a year in the last 12 years
* Assets in macro and CTA/managed futures hedge funds reached historical highs of US$133 billion and US$220 billion respectively
* Long/short equity funds have gained 6.2% as at end-February
* Total assets under management increased by more than US$40 billion during the first two months
* Eastern Europe and Russia investing hedge funds saw a boost of nearly 12%
* UCITS hedge funds continued to witness strong launch activity and asset flows, with newly launched funds attracting over US$1 billion in January and February
The size of the hedge fund industry stands at US$1.75 trillion as total assets under management (AuM) saw an increase of over US$11 billion. Most of this increase was attributed to performance as managers chalked up gains of US$11.2 billion from their portfolios. Net flows were flat to slightly positive for February, standing at US$300 million, as portfolio rebalancing among investors continued. Revised figures for January show that managers attracted US$12 billion during the month and with investor sentiment turning positive once again, the industry is expected to attract significant allocations in the days ahead.
New York (HedgeCo.net) – Institutional investors seeking exposure to emerging Asian equity markets face challenges in accessing many of the region’s closed markets and are turning to exchange-traded derivatives markets, as well as over-the-counter (OTC) instruments that can provide the exposure they need, says TABB Group in new research published today, “Innovations in Accessing Asia: Listed Equity Derivatives and Delta One Products.”
Investment managers are active users of OTC equity derivatives, including contracts for differences (CFDs), equity swaps, participation notes and other structured products, says Andy Nybo, a TABB principal, head of derivatives research and the report’s author. “However, global regulatory efforts to reduce concentration of counterparty risk have driven investment managers to explore alternatives for exposure, leading them to centrally-cleared, exchange-traded products that can lower overall levels of risk.”
According to TABB, as the appeal of developed markets waned in recent years, investors began examining new markets, searching for investment opportunities offering higher alpha and greater returns, especially emerging markets in Asia. Hedge funds are focusing their attention on the APAC markets, with 33% of US and European funds targeting the region for new investments. However, Nybo explains, direct investment in the emerging equity markets of Asia has been hindered by low market capitalization, restrictive regulatory environments and capital constraints that prohibit direct access to cash markets.
“Asia’s relatively stable political and regulatory environment has done well to attract investor interest,” Nybo says, “but some of the region’s regulators seem to use regulation as a policy tool in an attempt to control market fluctuations.” He adds that markets with heavy-handed regulatory authorities face a backlash from investors seeking opportunities and provide an opening for regional exchanges to launch products designed to meet investor demand for exposure to more closed markets.
“Pent-up demand from investors will contribute to innovation and new product launches by these emerging Asian exchanges to capture investment flows from both international investors and Asian-domiciled hedge funds,” he adds. “Many of the region’s regulators are very keen to promote greater participation in the financial markets. They are eager to attract strong capital flows from investors all over the world.”
New York (HedgeCo.net) – Two prominent CTA indices have published positive year-to-date returns for managed futures funds, highlighting a promising start to the year for this sector. The BarclayHedge CTA Index, a leading hedge fund benchmark of representative performance of commodity trading advisors is up 0.85% for 2012 and the Newedge CTA index, designed to track the largest CTAs and be representative of the managed futures space is up 0.93% for the same period.
“Following the choppy markets in 2011, we have seen a noticeable shift in performance this year, pointing towards the trending market environment which is more suited to CTAs and managed futures players,” said Pauline Modjeski, President of Horizon Cash Management, which has a particular expertise in managed futures and seeks to maximize cash balance returns for over 70 separate managed accounts.
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New York (HedgeCo.net) — After a good start into the year the UCITS Hedge Fund Strategy (HFS) Index was able to continue its positive performance with gains of +0.99% in February 2012. The first three days into the month already saw the broad index gain +0.34%, a trend that continued with additional gains of +0.30% in the second week of trading. The momentum nearly came to a halt in week three with gains of +0.10% and a loss of -0.16% in week four, but the positive trend gained the upper hand and added +0.38% to the monthly performance during the last three days of trading in February.
From a sub-strategy perspective ten out of the eleven strategies posted positive returns in February, the best performing strategies being Convertible (+3.08%), L/S Equity (+1.78%) and Global Macro (+1.33%). All three of them struggled in the third week of the month, although Convertible being the only one not to post a weekly loss. The only strategy in the red in February was Market Neutral with a loss of -0.03%. Although things looked slightly positive in the first half of February this trend was reversed in the third week of trading, turning negative in the second half of the month. All sub-indices are positive in 2012 so far, Convertible looking strong in particular with gains of +6.57% this year already. The broad UCITS HFS Index now stands at +2.55% in 2012 from a year to date perspective.
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New York (HedgeCo.net) – Hennessee Group LLC, an adviser to hedge fund investors, announced today that the Hennessee Hedge Fund Index advanced +1.72% in February (+4.07% YTD), while the S&P 500 advanced +4.06% (+8.60% YTD), the Dow Jones Industrial Average increased +2.53% (+6.02% YTD), and the NASDAQ Composite Index climbed +5.44% (+13.89%). Bonds also advanced, as the Barclays Aggregate Bond Index declined -0.02% (+0.86% YTD) and the Barclays High Yield Credit Bond Index advanced +2.37% (+5.48%).
“Hedge funds are off to the best start since 2000,” commented Charles Gradante, Co-Founder of Hennessee Group. “During the first two months of the year, hedge funds have benefitted from a better investment environment relative to 2011, with improved investor sentiment, greater risk taking, lower correlations and lower volatility. Markets are responding to fundamentals, which is benefiting stock pickers. While many risks remain, there is optimism around a better economic outlook for the U.S. and stability in the Euro zone.”
“Hedge funds performed well in February generating gains despite conservative exposures. As the investment environment has improved over the last two months, we have seen managers increase exposure levels,” said Lee Hennessee, Managing Principal of Hennessee Group. “Hedge fund exposures are approaching historical norms, though managers remain somewhat cautious. Hedge funds are prepared to quickly adjust exposure should conditions dictate, as many feel volatility may rise from currently subdued levels.”
Equity long/short posted gains in February, as the Hennessee Long/Short Equity Index advanced +1.45% (+3.67% YTD). Financial market gains continued as investor sentiment around with the European debt crisis and U.S. economic recovery continued to improve. During the month, the Dow Jones Industrial Average and the S&P 500 reached levels not seen since 2008. Market performance was driven by reports of strong corporate earnings, encouraging economic data and accommodative measures of central banks globally. U.S. PMIs and employment data supported the domestic recovery that is continuing to build steam. Market volatility continues to decline sharply, with the VIX down -20% in the first two months of 2012. Gains were broad based and across sectors. Financials, technology and consumer discretionary were the best performing sectors. Stock-specific correlation has come down, benefiting stock-selection and allowing managers to generate alpha.
“There are some similarities between the beginning of 2012 and early 2011, and several managers have expressed some concern about a potential correction,” commented Charles Gradante. “The S&P 500 has rallied +20% since October 2011. Investor sentiment may be peaking. Some managers feel that the markets are overbought and are due for a short-term correction.”
The Hennessee Arbitrage/Event Driven Index advanced +1.53% (+4.04% YTD) in February. Along with an equity market rally, credit markets advanced for the month. Corporate credit markets experienced a tightening of spreads, significant investor inflows and a robust primary market. The Barclays High Yield Credit Bond Index advanced +2.37% in February and the S&P/LSTA Leveraged Loan Index rose +0.8% during the month. The Hennessee Distressed Index increased +1.86% in February (+4.93% YTD). Distressed strategies posted solid gains as the markets rallied, liquidity increased, and investor risk tolerance continued to improve. The Hennessee Merger Arbitrage Index advanced +1.72% in February (+2.89% YTD). During the month, corporate M&A spreads continued to tighten, benefiting portfolios. Managers are becoming bullish about the potential for increased corporate activity given pressure on companies to deploy high cash balances, low levels of volatility and attractive valuations. The Hennessee Convertible Arbitrage Index returned +1.78% (+3.79% YTD). Convertibles rallied in February driven mostly by higher equities and tighter credit spreads. Managers also reported that it appeared as though there was a pickup in outright buying as credit and equity markets rallied.
“Managers lost money in their long gold trade as the Fed denied any near term QE3, sending gold down -5% in a single day and ending down for the month,” commented Charles Gradante. “Despite the pullback, managers remain bullish on the gold thesis. They feel that we are likely to see inflation, which will lead to appreciation in the precious metal.”
The Hennessee Global/Macro Index advanced +2.65% (+5.03% YTD) in February, driven by strong gains in both global and macro strategies. During the month, the market continued to focus on the impact of the ECB’s long-term repo operations (LTRO) in reducing systemic risk in the Euro-area. International equities advanced, as the MSCI EAFE Index increased +5.44% (+10.98% YTD). International hedge fund managers were also positive, as the Hennessee International Index advanced +2.85% (+5.16% YTD) in February. Emerging market hedge funds added to their gains in February, as the Hennessee Emerging Market Index increased +2.69% (+5.07% YTD). Managers remain concerned about the debt issues in Europe and a slowing China, but have greater optimism on investment opportunities. During the month, markets became more focused on geopolitical risks in the Middle East, which led to a sharp increase in the price of crude oil. Macro managers posted solid gains in February, as the Hennessee Macro Index increased +2.02% (+2.51% YTD) for the month. Managers made profits in equities, fixed income, currency and commodity exposure. U.S. yields rose across nearly all maturities, while credit tightened for the month. Global equities and credit markets posted strong gains. A late month sell-off in gold impacted commodity gains, but oil and other metals registered positive performance for the month. The U.S. dollar declined against most major currencies as volatility fell and risk tolerance improved.
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New York (HedgeCo.net) – The University of Oxford is establishing a lab as the latest project in the collaborative venture between Oxford and $58.4 billion hedge fund investment manager, Man Group plc.
