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Alternative Market Briefing

Hedge fund industry three-month growth streak halted - eVestment

Wednesday, November 21, 2012

Bailey McCann, Opalesque New York: Hedge funds three month growth streak hit the wall in October as asset outflows eclipsed growth according to new data from eVestment. Total estimated hedge fund assets under management declined by $29.5bn in October, the largest drop since September 2011. Flows for credit strategies were negative despite consistent, positive returns over the last several months. This type of outflow with no negative performance driver is rare, and last occurred almost 3 years ago.

According to the report, investors redeemed an estimated $17.7bn from hedge funds in October, nearly erasing the estimated $17.8bn of net inflows in Q3. Managed futures funds had the largest outflows since the tail end of the financial crisis. Outflows don’t necessarily match levels seen in January 2009, but appear to be higher than any other month since. Investors have also started to move away from equity strategies, removing assets in all three quarters, across both hedge funds and traditional managed accounts in 2012, a signal of elevated concern for global growth.

Emerging markets are still seeing assets come in, although on the institutional side much of this is happening directly through traditional institutional accounts rather than through emerging market hedge funds. The investment trend in emerging markets suggests increasing overlap in the spheres of activity institutions and hedge funds find themselves engaged in. Exposures in this area include also include eme......................

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