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Alternative Market Briefing Weekly

Texas Employment to committ $2.4bn to alternatives in 2014: hedge fund news, week 34

Saturday, August 24, 2013

In the week-ending 23 August 2013, it was reported that the Texas Employees Retirement System, Austin has approved its tactical investment plan that committed $2.4bn to alternatives for fiscal year 2014. This means the $24.2 billion pension fund will have a 10% allocation to private equity, hedge fund and infrastructure.

First Trust Advisors launched a managed futures ETF Morningstar Diversified Futures IndexSM; two executives of Millennium Management are preparing to launch a $1.4bn hedge fund in Asia; and Ignis Asset revealed it plans to launch two new funds later this year as capital inflows reached $1.4bn.

Protege Partners-backed Expedition Advisors shuts down its Asia volatility fund after suffering losses.

The HFRX Global Hedge Fund Index was down -0.40% to mid August (est) (+4.2% YTD); The HFRU Index up 0.28% (est) (+1.41% YTD); The Eurekahedge Hedge Fund Index was up 1.02% in July, with 70% of reporting funds delivered positive returns; The Credit Suisse hedge fund index was up 0.88% (+4.59% YTD); And the UCITS HFS Index gained 0.69% (+1.58% YTD).

Goldman Sachs said that the average hedge funds gained positive performance of 4% through mid-August compared to S&P 500 which rose 20% during the period; hedge funds performed positive in July led by sharp rebound of investor interest in Macro fund exposure, said eVestment; global macro-f......................

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