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Alternative Market Briefing

eVestment: Hedge funds end March down -0.46%

Friday, April 13, 2018

Bailey McCann, Opalesque New York:

Hedge funds had a down month in March, but there is more to this data point than meets the eye. March's overall negative hedge fund industry returns of -0.46% obscure the fact that just north of 50% of hedge funds tracked by eVestment had positive performance for the month. In many cases, hedge fund managers have handled recent volatility well despite two consecutive months of negative performance.

On a strategy basis, Credit managers and volatility funds performed best in March, along with regional exposure to Africa/Middle East. Volatility/Options Strategies were up +0.20% in March. Africa/Middle-East-focused funds returned +0.91%, bringing their year to date (YTD) performance to +7.76%. Africa and Middle East funds were also strong performers in 2017, returning +15.37% last year. Overall, emerging market hedge funds are among the leading segments so far in 2018, with nearly 75% of emerging markets funds posting positive results this year.

Investors mostly getting it right with allocations to large macro strategies, report data shows. In 2017 and 2018, investors returned to macro strategies in a meaningful way, allocating over $20 billion into the strategy. Since the end of H1 2017 through March, the ten largest reporting macro funds have outperformed the other ten-largest strategy segments. In 2018, the group is producing positive returns in a difficult environment where their quantitative cousins, managed futures funds, are h......................

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