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Alternative Market Briefing

Scotiabank reveals new Canadian hedge fund indices

Wednesday, February 20, 2013

Beverly Chandler, Opalesque London: Canadian bank Scotiabank reported that its Canadian Hedge Fund Index ended January 2013 up 1.47% on an asset weighted basis and up 1.25% on an equal weighted basis. Scotiabank explains that the aim of the Scotiabank Canadian Hedge Fund Index is to provide a comprehensive overview of the Canadian Hedge Fund universe. To achieve this, index returns are calculated using both an equal weighting and an asset-based weighting of the funds. The index includes both open and closed funds with a minimum AUM of C$15m ($14.82m) and at least a 12 month track record of returns, managed by Canadian-domiciled hedge fund managers.

The index ended both 2012 and 2011 on a negative note for both weightings: for the Asset Weighted index, the returns for 2011 and 2012 were down 3.77% and 4.73% respectively, while the Equal Weighted stood at losses of 9.17% for 2011 and 2.20% for 2012. Opalesque recently reported that figures from the January TrimTabs/BarclayHedge hedge fund report showed that Canadian hedge funds have the dubious distinction of being the world’s worst performers over 2012 with losses of 5.2%.

Despite the performance, the industry in Canada continues to thrive with AIMA Canada......................

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