Wed, May 4, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Scotia Capital Canadian Hedge Fund Performance Index up 3.85% in November, 17.54% YTD

Friday, December 17, 2010
Opalesque Industry Update - The Scotia Capital Canadian Hedge Fund Performance Index finished November 2010 up 3.85% on an asset weighted basis and up 3.05% on an equal weighted basis. The Index outperformed broader equities and global hedge fund indices on both an asset and equal weighted basis.

The rally in broader capital markets continued into the first week of November, then reversed as market participants reacted to a confluence of mixed events and increased volatility. At month’s begin, there was positive market reaction to US mid-term elections results, as well as initial enthusiasm over the Fed’s announcement of its QE2. The S&P finished flat, with losses in six of ten sectors. European sovereign debt concerns rose once again to the fore, driving substantial sell-offs in European equity markets that ensued from Ireland’s acceptance of an EU bailout and the possible contagion to Spain and Portugal. Other contributors to an increase in market volatility were the geopolitical tensions between North and South Korea, as well as renewed discussions in China about cooling economic growth with a potential raise in interest rates. In Canada, the S&P/TSX posted gains of 2.18%, buoyed by positive earnings announcements from larger Canadian companies. Positive contribution from the info tech, materials and energy sectors drove Canadian equity market gains. Commodities experienced a great deal of volatility in November and posted flat aggregate monthly results, despite another midmonth record high in gold and a sizeable uptick in oil. In FX, the biggest move was the EUR’s 6.3% decline versus the USD, driven by weakness in Europe. The USD also strengthened by month end versus the JPY and GBP. Rates widened in November on most developed country government bonds, and credit markets declined, particularly in high yield. In November, most Canadian hedge funds benefitted from a fifth straight month of Canadian equity market strength. Selective stock-picking remained a key success factor in an environment of increased volatility, with gains made on both the long and short sides. Gains were also made capturing commodity-related market moves, especially from the oil and gold sectors. Canadian managers have been making cautious incremental increases to long exposures over the recent past, and are also carefully ratcheting up short exposures in anticipation of further market uncertainty. Across strategies, flexibility and nimbleness remain key leitmotifs.

Description
The aim of the Scotia Capital Canadian Hedge Fund Performance Index is to provide a comprehensive overview of the Canadian Hedge Fund universe. To achieve this, index returns are calculated using both an equal weighting and an asset-based weighting of the funds. The index includes both open and closed funds with a minimum AUM of C$15 million and at least a 12 month track record of returns, managed by Canadian-domiciled hedge fund managers. Corporate website: www.scotiacapital.com/hfpi

- FG

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Hedge funds see $14.3bn outflows in Q1, CTAs and multi-strategy lead net inflows[more]

    Komfie Manalo, Opalesque Asia: The hedge fund industry saw net outflows of investor capital in the first quarter of the year, totaling $14.3bn, data from Preqin showed. This continues from the $8.9bn overall net outflows that funds recorded in Q4

  2. Third Point calls Q1 "catastrophic" for hedge funds[more]

    Bailey McCann, Opalesque New York: The first quarter of this year was rocky for hedge funds based on aggregate performance from the industry, but now we are beginning to hear what the managers thought of it as quarterly letters make their way to investors. Dan Loeb, CEO of New York-based $17 bill

  3. Asia - Stabilization of China's capital outflows may hinge on Janet Yellen, Fink says China to do well this year as bubble threat postponed, Chinese hedge fund to invest in India’s infrastructure[more]

    Stabilization of China's capital outflows may hinge on Janet Yellen From Bloomberg.com: Whether China’s recent stabilization of its currency and capital outflows continues -- or downside pressure reignites -- may hinge in large part on Janet Yellen. If the Federal Reserve chair sticks to

  4. …And Finally - After all, judges are human too[more]

    From Newsoftheweird.com: In March, one District of Columbia government administrative law judge was charged with misdemeanor assault on another. Judge Sharon Goodie said she wanted to give Judge Joan Davenport some files, but Davenport, in her office, would not answer the door. Goodie said once the

  5. Comment - Unmasking the men behind Zero Hedge, Wall Street's renegade blog[more]

    From Bloomberg.com: Colin Lokey, also known as "Tyler Durden," is breaking the first rule of Fight Club: You do not talk about Fight Club. He’s also breaking the second rule of Fight Club. (See the first rule.) After more than a year writing for the financial website Zero Hedge under the n