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Alternative Market Briefing

Man Group’s FRM says hedge funds suffer losses in April as managers were caught on the wrong side

Thursday, May 15, 2014

Komfie Manalo, Opalesque Asia:

Hedge funds suffered their second successive negative month in April as many managers were caught on the wrong side of the market movement, said Man Group’s $16.7bn fund of hedge funds FRM. FRM is a top global industry allocator to hedge funds by AUM, and the largest independent European based FoHF managing commingled funds and advising clients.

In its Early View report, FRM said hedge fund losses in April were heavily concentrated in Equity Long-Short strategies. "The rotation amongst sectors and from growth to value in the U.S. continued in April. Many managers were caught on the wrong side of the move and suffered large losses," the report said. It added, "In Europe, there was a clear relationship between the performance of commonly held positions in the US and the subsequent days trading in European stocks. Equity Long-Short managers have generated very strong performance over the last year."

According to FRM, Event Driven managers posted muted gains in April as special situations trading detracted from performance while traditional merger arbitrage contributed positively.

Credit based strategies were unaffected for the second month in a row by the technical issues facing equity based strategies, it said, while managed futures managers were flat, which was a substantial recovery from th......................

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