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Alternative Market Briefing

Hedge fund performance drags in August, assets rise - Citi Prime Finance

Thursday, October 03, 2013

Bailey McCann, Opalesque New York:

The latest hedge fund performance data from Citi Prime Finance highlights a slight drag on performance through August, even while assets rose. According to the data, composite hedge fund performance, equal-weighted across funds, was down for August 2013 with performance ranging from -0.86% to -0.49%. Across the major hedge fund indices, returns were lower than the previous month which experienced +1.32% to +1.40% over the same period.

Industry assets rose for August 2013 finishing net positive at +$1.91bn. Asset growth was attributed solely from investor flows of +$20.4bn with negative performance returns decreasing assets and accounting for -$18.4bn. This marks the sixth consecutive period of inflows for hedge funds year to date. August 2013 flows are higher than the mean monthly flows for 2013 which now stand at +$3.6bn.

Emerging markets and currencies extended their losses over the month accounting for some of the performance lag seen by funds. Investors also took on positions in preparation for the uptick in volatility expected when the Fed begins tapering. US equities saw declines in Large Cap, Financials, Real Estate, Technology and Healthcare.

In terms of strategies, top performers in August 2013 include Dedicated Short at +2.34%, Distressed +0.52%, Event Driven +0.16% and Convertible Arbitrage at +0.12%. The lowest performing strategies include CTA/Managed Futures -0.91%, Equity Market Neutral at -0.67%, Emergin......................

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