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Alternative Market Briefing

Emerging manager hedge funds and CTAs up 0.17% in February (+1.93% YTD)

Friday, March 22, 2013

Florian Guldner, Opalesque Research: Emerging manager hedge funds and managed futures funds ended February almost flat, according to a first estimation based on the data of 229 funds listed in Opalesque Solutions' Emanagers database.

The Emanagers Total Index gained 0.17% last month and is up 1.93% year-to-date. Estimates for January and December were corrected to +1.76% and +0.81%, respectively. Since inception in January 2009, the index posted compounded returns of 67%, compared to 41% for the Eurekahedge Hedge Fund Index and 53% for the MSCI World Index.

Trading strategies brought mixed results: The Emanagers Hedge Fund Index was up 1.09% (+3.60% YTD), while the Emanagers CTA Index lost 0.96% (-0.36% YTD). However, the CTA Index result is influenced by one extreme outlying observation (a monthly loss of 30%), while the rest of the group was virtually flat.

Emerging managers performed worse than their established peers in February (Eurekahedge Hedge Fund Index: +0.19%, Newedge CTA Index: +0.10%) as well as the MSCI World Index, which gained 0.22%.

Except for managed futures, all hedge fund trading strategies won last month:

  • Equity long-bias hedge funds gained 2.47% beating their benchmark, while long/short funds only gained 1.03%. Event-driven strategies were up 1.36%, followed by multi-strategy (+1.03%) and rel......................

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