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Alternative Market Briefing

Fund of hedge of funds end 2013 up 8.7%, its highest since 2009

Thursday, January 09, 2014

Komfie Manalo, Opalesque Asia:

The HFRI fund of hedge funds ended 2013 up 8.7% after posting a fourth consecutive months of gains in December with 1.2% profits during the month. Last year’s performance was the industry’s best annual since 2009, according to data tracker Hedge Funds Research. The HFRI Fund Weighted Composite Index gained +1.2% in December, bringing full year 2013 performance to +9.3%.

"Hedge funds posted the strongest year since 2010 with gains concentrated in both Equity Hedge and Event Driven strategies, as long-biased beta equity exposure, high yield credit tightening and the dynamic environment for shareholder activism and corporate transactions offset the negative impact of short equity portfolio hedges, rising yields and macro complexity associated with stimulus measures by the US Federal Reserve," stated Kenneth J. Heinz, President of HFR.

He added, "While both equity and credit-oriented strategies had the best performance since 2009, the reduction of quantitative easing into the end of 2013 constitutes a crucial inflection point for hedge fund strategy performance, allowing for a beginning of the normalization of market interest rates integral to the performance of Fundamental Macro and Equity hedge fund strategies. As this process evolves, the attribution of hedge fund performance between long and short portfolios is likely to shift to a more balanced distribution, ......................

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