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Alternative Market Briefing

Hedge funds see seventh consecutive month of performance gains

Thursday, November 28, 2013

Bailey McCann, Opalesque New York:

October accounted for the seventh consecutive month of performance gains according to the latest data from Citi Prime Finance. According to eVestment, industry assets rose for October 2013 gaining +$59.7bn. Asset growth was attributed mostly from performance gains of +$47.6bn with net positive investor flows accounting for +$9.3bn. Composite hedge fund performance on an equal weighted basis was up 1.2%-1.7%. Returns were also higher month over month.

October 2013 marks the seventh month with positive performance gains this year and was more than 3x the mean monthly gain reported throughout 2013. Mean monthly performance gains now stand at +$14.33bn for 2013 compared to +$9.6bn for 2012. October 2013 performance contrasts with October 2012 performance gains which stood at only +$18.9bn.

Investor flows were at a net positive of +$9.3bn for the month, the eighth period of net positive flows year to date. October 2013 flows are higher than the mean monthly flows for 2013 which now stand at +$5.9 bn. October 2012 net flows were -$12.7bn over the same period.

Leverage is also creeping up slightly. On a global basis, Citi calculate's gross leverage (as measured on a mean basis) at 1.98x in October versus 1.95x in September and 1.96x in August. At the strategy level, Equity Market Neutral (4.45x), Multi Strategy (3.74x), Global Macro (3.51x),) and Convertible Arbitrage (3.23x) used the most leverage.

Hedge funds and equity ......................

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