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Alternative Market Briefing

Emanagers Total Index up 1.37% in December (+5.27% in 2012)

Tuesday, January 22, 2013

Florian Guldner, Opalesque Research:

Emerging manager hedge funds and managed futures funds performed well in the last month of 2012, according to a first estimation based on the data of 300 funds listed in Opalesque Solutions' Emanagers database.

The Emanagers Total Index gained 1.37% in December and 5.27% in 2012. Estimates for November and October were corrected to +0.18% and -0.84%, respectively. Since inception in January 2009, the index posted compounded returns of 65%.

Emerging manager hedge funds posted excellent results last month, while managed futures strategies saw small losses: The Emanagers Hedge Fund Index gained 2.52% in December, bringing its 2012 result to 9.09%. The Emanagers CTA Index lost 0.3% and is down 2.12% for the year.

Emerging managers thus outperformed their established peers in 2012 (Eurekahedge Hedge Fund Index: +6.18%, Newedge CTA Index: -2.84%), but were unable to beat the global stock market, which gained over 13%, according to the MSCI World Index.

Stock markets continued their November rebound last month, and all hedge fund strategies (except for short sellers and CTAs) were able to profit in this environment:

  • Directional strategies saw significant gains, as long-bias equity funds rose 3.55% and long/short equity funds gained 2.16%. Global macro hedge funds were up 2.6......................

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