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New Managers September 2012

Emanagers Indices - August 2012's performance of the Opalesque Emanagers Indices

Emanagers Total Index advances 0.99% in August (+4.79% YTD)

Emerging manager hedge funds and managed futures funds continued their upward performance trend last month, according to a first estimation based on the data of 299 funds listed in Opalesque Solutions' Emanagers database.

The Emanagers Total Index gained 0.99% in August and is now up 4.79% for the year 2012.Ă‚  Estimates for July and June were corrected to +2.23% and -0.19% respectively. Since inception in January 2009, the index posted compounded returns of 64.4%.

Over the last 12 months, the Total Index gained 4.45% in 7 negative and 5 positive months, compared to 0.70% for the Eurekahedge Hedge Fund Index. However, the MSCI World Index performed better over the same period, with a gain of 5.62%.

August was a challenging month for CTAs but offered opportunities for most hedge funds: The Emanagers Hedge Fund Index gained 1.90% (+6.09% YTD), while the Emanagers CTA Index lost 0.22% (+1.14% YTD).

Last month was characterized by strong stock market performance (MSCI World up 2.29%), mainly based on a positive outlook for the U.S. economy and the ECB's announcement of a government bond buying program. Forex traders were the main losers of last month's events:

Event-driven strategies performed best (+3.75%), followed by long-bias equity (+2.64%) and multi-strategy funds (+2.11%). Relative value and L/S equity strategies posted results of +1.84% and +1.41%. Global macro strategies gained 1.11%, thus outperforming CTAs.

Year-to-date, the ranking is led by event-driven hedge funds with a compounded return of 14.45%.

12-month rolling performance data gives MSCI-correlation coefficients of 93% for Emanagers hedge funds and -40% for Emanag......................

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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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