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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 6

Saturday, February 13, 2010

Benedicte Gravrand, Opalesque London:

Last week, we heard of launches from Nautical (commodity); Income Partners (distressed); Edward Hornstein (L/S equity); SilverWind Securities and Vestra Wealth (L/S equity); CCC Capital (quant); GLG (Japan); new firm Inflection Point; Temasek / Seatown Holdings (hedge fund platform); Atom (Japan event-driven); Man Group (directional); Hylas Capital (event-driven); Orchard Capital (Asia); Turiya Advisors (Asia & Europe); Avenue Capital (distressed debt); SAV (Thai and Asean); Munsun (China); and Edmond de Rothschild AM (EM convertible arb).

The HFRI Fund Weighted Composite Index was down 0.71% in January, the macro index being the worst performer at -2.16%; Newedge CTA Index was down 1.69%; Hennessee Index declined -0.50%; Credit Suisse/Tremont Hedge Fund Index posted 0.17% (est.); Lyxor Hedge Fund Index recorded -0.42%; and RBC Hedge 250 Index returned -0.18%.

As for assets, TrimTabs Investment Research and BarclayHedge reported that all hedge funds posted an estimated outflow of $3.8bn in December-09 due to quarter-end and year-end redemptions.

Fitch Ratings reported that 2009 for hedge funds had been dominated by "top-down" macroeconomic positioning, whereas "bottom up" individual asset selection and pure relative value trades remained on the sidelines; it was also observed that now crowding could hurt hedge fund strategies that thrived in '09, like convertible arbitrage and long/short equity; U.S. hedge fund D.E. Shaw set up a team to look at buying distressed-asset portfolios held by rival hedge ......................

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