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Alternative Market Briefing

Assets in funds of hedge funds at an all time low - eVestment

Monday, January 06, 2014

Bailey McCann, Opalesque New York:

A new report out looking at the overall performance and asset gathering ability of funds of hedge funds (FoHFs) from eVestment shows that assets going to the industry group are at an all time low relative to their single manager counterparts. Despite a rebound in performance in 2013, investors have pulled money from pooled FoHFs for nine consecutive quarters and the amount of money assets coming from FoHFs has declined to an all-time low of 32% when compared against direct hedge fund investment.

In terms of performance, FoHFs were up 6.59% year-to-date through October on average, slightly worse than the 7.50% posted by hedge funds, and below the 18.65% performance of the S&P Global 1200.

Data in the report shows that the number of FoHFs pursuing a single strategy, or 'bespoke portfolio' option is up slightly to 22.9%. The trend could be reflective of a shift toward specialization in an effort to recapture assets moving into direct investments. Of that group, long/short equity FoHFs are performing the best up 11.76%. Their single manager counterparts are up 13.06% for the same period.

FoHFs allocating to event driven/distressed managers are the next best performers among all FoHFs thus far in 2013. The group is up 8.26% year-to-date. Investors that allocated to managed futures FoHFs are in the red, just the same as those who invested in single manager managed futures funds.

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