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Alternative Market Briefing

Canadian hedge funds up 0.65% in January on broader equity markets rally

Wednesday, February 22, 2012

From Komfie Manalo, Opalesque Asia: The rally of the broader equity markets in January helped push Canadian hedge funds to start the year on a positive note as the Scotia Capital Canadian Hedge Fund Performance Index gained +0.65% on an asset-weighted basis last month and was up +1.24% on an equal-weighted basis.

The gains in January was a reversal of Canadian hedge funds performance in 2011 after the Scotia Capital Canadian Hedge Fund Performance Index ended that year down -3.8% on an asset-weighted basis (which gives the biggest funds more weighting). On an equal-weighted basis, it was down -9.2%. That's the second-worst annual performance since 2005 -- with only 2008 much worse.

In its monthly report for January 2012, the Scotia Bank, which compiled the index, said the strong 2012 start was an indication of that the market volatility that hit the markets in 2011 has subside. However, it added that the Canadian index underperformed the broader equities and global hedge fund peers on both asset and equal weighted bases.

Scotia Bank said in a statement that key themes driving performance included a continued improvement in US economic indicators, better than expected indicato......................

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