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Alternative Market Briefing

ZHAW: Swiss funds of hedge funds returned around 3% in 2012

Tuesday, February 12, 2013

Benedicte Gravrand, Opalesque Geneva: - According to Zurich’s ZHAW School of Management and Law, Swiss-based fund of hedge funds (FoHF) showed some positive results in the second half of 2012, and the first quarter of 2013 is getting off to a good start too.

The HFRI Fund of Funds Composite index is already up 2.5%, after gaining 5% in 2012.

The Hedgegate Swiss FoHF Index (USD) gained 3.14% last year. The best FoHF (USD) on Hedgegate, measured against their 12-month returns, were StoneWater Capital’s Asia ex-Japan; Skypbridge’s Legion Strategies; Reichmuth’s Himalaya; PCAM’s Blue Chip Ltd; Millburn’s Mco Parnters LP; Titan’s Masters Int’l; Edmond de Rothschild’s Prifund Alpha Diversified; Trocadero Capital Holdings Ltd; Prima Capital Fund Ltd; and Kedge Capital’s Global Fund. (Hedgegate is a spinout of ZHAW).

ZHAW claims that even if FoHF did not outperform the stock market last year, "this, however, does not take into account the fact that a comparison with shares on a risk-adjusted basis still works out in favour of the hedge funds."

The 19-factor model developed by ZHAW/Hedgegate indicates that the positive performance in both Q4 and 2012 was larger based on the stock market’s momentum and the sharply decreasing spread between High Yield and AAA bonds, says ZHAW’s announcement.......................

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