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Alternative Market Briefing

Hedge funds on pace for returns 150bps over 2012, eVestment releases forecasting report

Tuesday, December 10, 2013

Bailey McCann, Opalesque New York:

Hedge funds posted positive returns in November of +1.1% bringing year to date gains up to 8.2% according to the latest performance data from eVestment. In addition to monthly performance data, the company is also out with a 2013 year in review, and 2014 forecast relying on its new asset flows forecasting model. Based on November returns, the industry is on pace for aggregate 2013 returns that are 150bps above 2012 figures.

November performance

Event driven strategies led the industry in November. Among the best performing event strategies were activist, distressed and emerging market focused. Particularly strong returns have been coming from funds targeting Argentina’s sovereign debt as the country’s high profile default proceedings continue in U.S. federal courts.

Long/short equity hedge funds are on pace for average returns nearly 1.7x higher (15.8% vs. 8.2%) than 2012, their best year since 2009 and second best since 2003. Credit strategies lagged during the month, weighed down primarily by smaller directional trading strategies. Contrary to the rest of the group, MBS focused funds posted very strong results in November, their best month of the year.

Managed futures followed a rare positive month in 2013 with their second best month of the year in November. Despite gains from the managed futures segment, systematic strategies continued to underperform discretionary approaches in November and for the year (1.3% v......................

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