Tue, Jul 28, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Scotia Capital Canadian hedge fund index finishes Sept. -1.22% (-1.82% YTD) on asset weighted basis, -3.81% (-8.86% YTD) on equal weighted basis

Friday, October 21, 2011
Opalesque Industry Update - The Scotia Capital Canadian Hedge Fund Performance Index finished September 2011 down 1.22% on an asset weighted basis and down 3.81% on an equal weighted basis. The Index outperformed broader equities on both asset and equal weighted bases, and outperformed global hedge fund peers on an asset weighted basis.

September brought more extreme intra-month market volatility. The key themes driving investor sentiment remained largely the same as in August: overall weak economic indicators across geographic zones, ongoing concerns over European banks and sovereign debt issues, including a possible default by Greece, as well as government interventions by Switzerland’s central bank to curb the CHF and the US Fed’s announcement to introduce its ‘Operation Twist’ stimulus measure.

Despite some strong US corporate earnings announcements, US equities sold off. The S&P 500 posted -7.2% with all sectors dragging performance. Canada’s S&P/TSX fell 8.97%, its seventh consecutive monthly loss. Despite a decline in US Treasury yields and resultant US bond market rally, investors also turned towards the USD as a safe haven. As investors drove up the USD, it appreciated accordingly against most major currencies.

The CAD’s depreciation versus the USD was further impacted by the dramatic declines in commodities that were brought on by investor concern over global economic growth. WTI Crude closed the month down 11%. Precious metals lost favour with investors as a safe haven: despite hitting a record high of USD 1,924/oz early in September, gold ultimately dropped 11%, and silver retraced by a notable 28%.

September posed a very challenging trading environment for Canadian hedge funds.

There was very wide performance dispersion across strategies: while some managers were able to generate – and hang to – winning trades despite choppy markets, many managers ultimately incurred a monthly loss. Defensive positioning and portfolio hedging continued to be key success factors in managers’ ability to steer a path through uncertain markets.

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.

(press release)

performance table: Source

BG

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. Bridgewater turns bearish on China[more]

    Komfie Manalo, Opalesque Asia: The world’s biggest hedge fund Bridgewater Associates and one of the most vocal of China’s potential is now turning its back against the world’s second largest economy as it joins a growing list of high-profile investors who are challenging China’s potentials.

  2. Launches - Ex-Brevan Howard star Rokos builds team for new fund, Former Och-Ziff manager’s firm starts health care hedge fund, Industry veterans launch commodity investment firm Aron Capital Management, Nikko Asset Management launches two UCITS funds, Capital Group plans to debut Asian investor targeted fund[more]

    Ex-Brevan Howard star Rokos builds team for new fund From WSJ.com: Chris Rokos, a former star trader at Brevan Howard Asset Management LLP, has hired an economist from Nomura to join the team he’s assembling for his much anticipated hedge fund launch. Mr. Rokos, whose firm is due to b

  3. Institutions - Pension fund dismisses Texas consultant, Rhode Island pension fund gets 2.2% investment return, far below assumed rate of 7.5%, New Jersey pension investments see a drop-off in returns[more]

    Pension fund dismisses Texas consultant From Sandiegouniontribute.com: The county retirement board on Thursday terminated the Texas consultant who was given the reins of the $10 billion pension fund, and whose investment picks left many employees and retirees feeling taken for a ride.

  4. SWFs - Sovereign wealth funds paid around $14 billion in fees[more]

    From SWFinstitute.org: When it comes to the financial sector, asset management is one of the most profitable industries in the world. The Boston Consulting Group put out a 2014 figure saying there is US$ 74 trillion worth of professionally-managed assets. One of the fastest growing institutional inv

  5. Investing - Carlyle teams with TCW in push for ordinary investors[more]

    From Bloomberg.com: Carlyle Group LP isn’t backing down from its goal of offering alternative strategies to the masses, despite early setbacks. The Washington-based firm is teaming up with TCW Group, which is majority owned by Carlyle funds, to offer three vehicles that give ordinary investors acces

 

banner