Thu, Jul 28, 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 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. Opalesque Exclusive: California-based manager launches long/short equity hedge fund with unique algorithm[more]

    Benedicte Gravrand, Opalesque London for New Managers: SJL Capital LLC, an investment advisory firm based in California, has launched its maiden fund, the SJL MarketDNA Hedge Fund LP. The fund, which began trading

  2. Manny Roman to move from Man to Pimco[more]

    Benedicte Gravrand, Opalesque London: Emmanuel (Manny) Roman, an investment world veteran, has been hired by PIMCO, the large US bond fund house, as chief executive officer. PIMCO's current CEO Douglas Hodge will assume a new role as managing director and senior advisor when Roman joins P

  3. HFR: Hedge funds post strong gains in mid-July as markets recover from Brexit losses[more]

    Komfie Manalo, Opalesque Asia: Hedge funds posted strong gains through mid-July as the equity markets continued the recovery from Brexit losses. The HFRX Market Directional Index gained +2.17% (+4.22% YTD) and the HFRX Global Hedge Fund Index gained +1.03% through mid-month (+0.19%

  4. News Briefs - Carlyle goes on trial for a financial-crisis meltdown, Private equity and venture capital outperformed public markets in 2015, Pippa Middleton gets engaged to hedge fund manager James Matthews[more]

    Carlyle goes on trial for a financial-crisis meltdown Carlyle Group co-founder Bill Conway was in court on this small island last week recounting one of the most bruising episodes in his private-equity firm’s history: the 2008 collapse of mortgage-bond fund Carlyle Capital Corp. Carlyle

  5. …And Finally - Two men fall off cliff playing Pokemon Go[more]

    From BizarreNews.com: Two men who fell from a seaside cliff north of San Diego told authorities they became distracted while playing augmented reality game Pokemon Go. Encinitas fire Battalion Chief Robbie Ford said one of the men fell about 50 feet down the bluff in Encinitas while the other man fe