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New Managers December 2012

Emanagers Indices - November 2012's performance of the Opalesque Emanagers indices

Emerging manager hedge funds and managed futures funds gained 0.3% last month, according to a first estimation based on the data of 305 funds listed in Opalesque Solutions' Emanagers database.

The Emanagers Total Index was up 0.3% in November, bringing its net year-to-date return to 4.14%.  Estimates for October and September were corrected to -0.68% and +0.24%, respectively. Since inception in January 2009, the index posted compounded returns of 63%.

Over the last 12 months, emerging managers gained 4.08% in 6 negative and 6 positive months and slightly underperformed the Eurekahedge Hedge Fund Index, which gained 4.24% in the same period. Global stocks, tracked by the MSCI World Index, gained 11% over the last 12 months.

 

November's positive result was mainly driven by hedge fund strategies, while managed futures strategies posted a small loss: The Emanagers Hedge Fund Index gained 0.64% (+6.74% YTD), while the Emanagers CTA Index lost 0.1% (-1.43% YTD).

Last month was characterized by a mid-month reversal on equity markets. Most hedge fund strategies were able to make profits in this environment:

  • Relative value strategies performed best with an average gain of 1.21%. Long/Short Equity funds gained 0.99%, followed by global macro (+0.79%) and multi-strategy funds (+0.48%). Besides managed futures strategies (-0.1%), losses were generated by long-bias equity funds (-1.40%) and event driven funds (-0.36%), according to our first estimation.
  • Year-to-date, however, event-driven and long-bias strategies performed best and delivered double-digit returns.

Over the......................

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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.
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