New Managers October 2012

Emanagers Indices: September 2012's performance of the Opalesque Emanagers indices

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Emanagers Total Index up 0.1% in September (+4.33% YTD)

Emerging manager hedge funds and managed futures funds saw slight gains last month, according to a first estimation based on the data of 307 funds listed in Opalesque Solutions' Emanagers database.

The Emanagers Total Index advanced 0.1% in September, resulting in a 2012 performance of +4.33%. Estimates for August and July were corrected to +0.67% and +2.0%, respectively. Since inception in January 2009, the index posted compounded returns of 63.6%.

Over the last 12 months, emerging managers gained 6.73% in 6 negative and 6 positive months, compared to 4.93% for the Eurekahedge Hedge Fund Index. Global stocks, tracked by the MSCI World Index, gained almost 19% in the same period.

Last month was particularly challenging for managed futures strategies, while hedge funds were able to deliver strong returns once more: The Emanagers Hedge Fund Index gained 1.32% (+6.64% YTD), while the Emanagers CTA Index lost 1.46% (-0.58% YTD).

August's stock market rally continued last month as central banks took further steps towards monetary easing. As a result, directional and event-driven hedge fund strategies were September's winners:

* Equity long-bias hedge funds gained 3.66%, followed by equity L/S (+1.32%) and event-driven strategies (+1.17%). Relative value funds gained 1.14%, global macro and multi-strategy funds were up 0.34% and 0.32% respectively.

* Year-to-date, event-driven hedge funds performed best with compounded, average returns of 13.5%. 12-month rolling performance data gives MSCI-correlation coefficients of 91% for Emanager......................

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This article was published in Opalesque's New Managers a top-down monthly analysis, news and research publication on the global emerging manager space.