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Alternative Market Briefing

Comment: Long/short equity strategy will come back under the spotlight

Tuesday, June 04, 2013

Benedicte Gravrand, Opalesque Geneva: - There is a new trend in the hedge fund world; the long/short equity strategy is again in favour among institutional investors, writes Alexandre Poisson, director at Geneva-based Banque Pâris Bertrand Sturdza in the Swiss daily Le Temps.

Indeed, he says, the latest industry surveys suggest institutional investors are coming back to this strategy; this is due, he suggests, to a renewed risk appetite, as well as rising stock markets.

The Dow Jones Credit Suisse Long/Short Equity index is up 6.42% YTD (to end of April), compared to the DJCS Hedge Fund Index’s return of +4.99% and the S&P500’s +12.74%. The Long/Short Equity Index returned +8.2% in 2012 (the S&P500, +16%), and lost 7.3% in 2011 (S&P: +2.1%).

The asset inflows into the strategy were negative in 2012 and at the beginning of 2013, says Poisson, as only a few months ago, investors were expressing their disappointment and their concern towards the strategy, which had not been doing too well in the last few years.

eVestment last week reported that long/short equity funds had experienced net redemptions in April and YTD 2013. But the strategy is on pace to return more than 20% this year, which would represent their best returns in a decade,......................

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