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Alternative Market Briefing

Hedge funds down in January, still outperform - Citi Prime Finance

Monday, March 03, 2014

Bailey McCann, Opalesque New York:

New hedge fund data from Citi Prime Finance shows that hedge funds were down slightly through January but still outperformed the index. January volatility from weakness in emerging markets and US economic data contributed to the drag on performance. Composite hedge fund performance, equal-weighted across funds, was down in January 2014 with performance ranging from -0.24% to +0.54%. Returns were lower than the previous month which experienced +0.56% to +1.1% over the same period.

In terms of specific strategies, top performing strategies in January 2014 include Dedicated Short at +2.01%, Distressed +1.20%, Fixed Income Arbitrage +0.62%, and Convertible Arbitrage at +0.57. The lowest performing strategies include Emerging Markets -2.66%, Global Macro -0.81%, and Equity Long/ Short at -0.63%.

According to eVestment|HFN, Hedge fund industry assets fell in January 2014 -$14.2 billion for the month after experiencing +22.6 billion in growth in December. January losses were attributed solely from performance which totaled -$14.5 billion. For the month, investors flows were net positive, however only accounted for +$0.3 billion of net new flows.

Net positive investor flows of +$0.3 billion for January 2014 marks the first period of positive flows since November 2013. January flows were lower than the mean monthly flows for 2013 which stood at +$5.6 billion. January 2013 net flows were +$3.3 billion over the same period.

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