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Alternative Market Briefing

Allenbridge reviews disappointing 2012 but identifies potential winners in 2013

Friday, January 25, 2013

Beverly Chandler, Opalesque London: Allenbridge Investment Solutions has published its Hedge Fund Outlook for 2013 opening with the observation that 2012 represented a year of modest gains for hedge fund investors with the HFRI Fund weighted composite index recording a gain of 6.2% during 2012. "This was another year when the aggregate return from hedge funds represented a disappointment to traditional investors in this asset class" Allenbridge writes.

The disappointing returns served to highlight the importance of astute manager selection, the firm believes, as a number of managers produced very strong returns. "In addition it was a reminder to investors that absolute return strategies targeting 5% over cash will produce just 5-6% when cash is at zero."

The firm found that across the different strategies, long biased credit approaches were the strongest performers as Central banks’ purchases of government and government backed securities fuelled the rally across investment grade and high yield markets. "By way of example the strongest performing hedge fund sector was the HFRI RV Fixed income asset-backed which was up 16.5%. Both the convertibles and corporate indices were not far behind recording near double digit gains. Within the equity long/short spectrum, funds delivered mid-single digit gains in aggregate however there was a wide dispersion between ......................

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