Emanagers Total Index down 0.38% in April (+3.05% YTD)
Emerging manager hedge funds and managed futures funds experienced
slight losses in April, according to a first estimation based on
the data of 291 funds listed in Opalesque Solutions' Emanagers database.
The Emanagers Total Index lost 0.38% in March, reducing its yearto-
date performance to +3.05%. Estimates for March and February
were corrected to -0.15% and +1.55% respectively. Since inception in
January 2009, the index grew 61.6% and outperformed both the global
stock market and its hedge fund peers.
Over the last 12 months, the index lost an estimated 2.18% with 8
negative and 4 positive months, compared to losses of 3.17% for the
Eurekahedge Hedge Fund Index and 6.81% for the MSCI World Index.
Both hedge funds and managed futures funds saw losses in April.
However, hedge funds clearly outperformed managed futures strategies
The Emanagers Hedge Fund Index had its first negative month
this year, losing 0.49%. Year-to-date, the index is still up over 5%.
Managed futures funds tracked by the Emanagers CTA Index continued
their negative 2012 trend with a loss of 0.13%, lifting the yearto-
date loss to 2.08%.
Despite mixed results, both sub-indices outperformed the all-funds
group represented by the Eurekahedge Hedge Fund Index and the
Nedwedge CTA Index over the last 12 months.
Analysis of 12-month rolling data shows a growing negative correlation of managed futures strategies with the stock market, while their volatility
remained relatively low. As a result, Emanagers CTAs had an MSCI-beta of -5%......................
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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.