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Alternative Market Briefing Weekly

Largest U.S. hedge funds have $1.47tln in net assets and $1tln in borrowings, says SEC: hedge fund news, week 31

Saturday, August 03, 2013

In the week-ending 02 August 2013, it was reported that Alpinvesta had launched a fund of managed futures funds investment program; Consilium revealed its plan to launch its third buyout fund; former oil and natural gas trader Jonathan Goldberg will launch a commodities hedge fund this month; Man Group’s unit GLG Partners launched the GLG Total Return Fund; and Scotia Private Client Group launched the Scotia Long Short Equity Fund.

Roc Capital said it would close down its main hedge fund after losing money.

The Morningstar MSCI Composite Hedge Fund Index was down -0.2% in June (+7.2% YTD); The Citi Prime Financial Hedge Fund Index was down -1.42% to -1.33% over all strategies; And the BofAML flash return shows hedge funds were up 1.19% to July 24th (+3.74% YTD).

BlackRock Alternative Advisors analyzed the performance of 1,204 hedge funds and found that this year equity funds had on average generated alpha of only 0.9 percentage points despite an average total return of 6.6%, the highest of any of the strategies; Deepak Narula's main hedge fund fell 10.4% in Q2; the Canyon Value Realization Fund was up 8.18% in 1H, +10% YTD; and Brevan Howard’s EM Fund was down - 6.5% in June (-13.3% YTD). Morgan Stanley’s Adam Parker noted that hedge funds’ alpha generation capacity has severely lagged over the past years.

A report by the U.S. SEC showed that the nation’s largest hedge funds had $1.47tln in net assets and more than $1tln in borrowings in Q4; Man Group’s funds ......................

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