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Alternative Market Briefing

Morningstar MSCI Composite AW Hedge Fund Index up +1.0% in November (+8.2% YTD)

Thursday, December 19, 2013

Bailey McCann, Opalesque New York:

Morningstar, Inc., a leading provider of independent investment research, today reported preliminary hedge fund performance for November 2013 as well as estimated asset flows through October. The Morningstar MSCI Composite AW Hedge Fund Index, an asset-weighted composite of nearly 1,000 hedge funds in the Morningstar Hedge Fund database, rose 1.0% in November, along with global stock markets. The MSCI World NR global stock index climbed 1.8%, and the Barclays Global Aggregate TR bond index fell 0.8% in part due to rising U.S. interest rates in November. The Morningstar MSCI Composite AW Hedge Fund Index has increased 8.2% for the year through November.

"Slowing economic growth in emerging markets weighed on hedge funds in November," A.J. D’Asaro, fund analyst at Morningstar, said. "Hedge funds concentrating in emerging markets, especially those focused on Brazil, Russia, India, China, and South Africa, lost more than expected."

The Morningstar MSCI Emerging Markets Hedge Fund Index fell 1.8% in November, as GDP growth came in lower than expected in key emerging markets. Hedge funds lost more than the unhedged MSCI Emerging Markets Index, which declined 1.5%, due to greater exposure to Brazil, Russia, and India—some of the worst-performing countries. However, the Morningstar MSCI Emerging Markets Hedge Fund Index has increased 3.6% for the year through November, while the MSCI Emerging Markets Index has fallen 1.2%.

U.S. equity-b......................

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