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Alternative Market Briefing

Despite negative inflows in December, hedge funds see 10.1% increase in assets for 2013

Monday, January 20, 2014

Bailey McCann, Opalesque New York:

Assets going into hedge funds over the month of December were in negative territory, following positive flows during November. Despite that, investors increased their allocations by 10.1% overall in 2013, according to new data from eVestment. Investors redeemed an estimated $4.4bn during the month of December. Total hedge fund industry assets increased 10.1% for 2013, or $262.0bn, pushing them to $2.86tn overall. This puts industry AUM just below its all-time peak of $2.94tn set in June 2008. Performance accounted for approximately $190.1bn.

In terms of strategies, Equity hedge fund flows surpassed credit in Q4 for the first time since Q3 2011 and for only the second time since Q1 2010. Virtually all of equity funds net flows for the year came in the second half when the universe took in $32.3bn beginning just two months after UST 10-year rates bottomed in May.

Credit continued its bull run story with inflows of an estimated $79.6bn, including $3.7bn in December. Macro and managed futures fund redemptions were the primary reason hedge fund flows were negative in December and suffered their largest monthly redemptions since December 2008. Despite this, report data shows that Macro strategies produced asset weighted returns of 3.7% in 2013, well above their equal weighted average of 3.0%, but returns still lagged the industry overall.

Activist strategies led event driven/distressed flows and performance in 2013. Event driven a......................

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