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Alternative Market Briefing

Investors redeem again in October - eVestment

Thursday, November 20, 2014

Bailey McCann, Opalesque New York:

Investor redemptions from hedge funds in October outpaced new allocations for the second consecutive month resulting in a slight net outflow of $2.9 billion, according to the latest asset flows data from eVestment. The industry has not had two consecutive months of outflows since the wake of the 2012 European sovereign crisis.

Investor sentiment towards equity-focused hedge funds was negative for the second consecutive month in October, confirming a deviation from the positive trend which had been in place the preceding 14 months.

October redemptions from equity hedge funds appear driven only in part by recent volatility. The majority of redemptions in October came from funds with elevated loses in June and July.

Total hedge funds assets were virtually unchanged in October, decreasing 0.0002%, to $3.020 trillion. Performance gains among many large funds accounted for an asset increase, while redemptions outpaced new allocations for an outflow of $2.9 billion during the month.

Investors are not shying away from all segments of credit markets. Distressed hedge fund flows were firmly positive in October, a $1.0 billion net inflow, continuing a streak of positive investor sentiment which has persisted for ten months.

Mult-strat funds continue to gain favor with investors. They have seen sixteen months of inflows, driven by institutional interest.

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