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Christoph Manser From Kirsten Bischoff, Opalesque New York:

Overall, hedge funds saw strong performance in July 2010 with indices reporting everything from industry-wide gains of +1.23% (HFRX Global Hedge Fund Index) to +1.59% (Dow Jones Credit Suisse Hedge Fund Index). However, some of the largest hedge funds struggled with performance including Brevan Howard Asset Management Master Fund which fell -2%, and RAB Capital PLC Special Situations Fund which was down -12.5% (Source).

Multiple sources have informed Opalesque that expectations that as these larger funds reach capacity and trail the performance of their more nimble peers, mid-sized and small funds will likely see an increase in allocations from institutional investors such as large fund of funds, pensions and endowments. However, as we learned during a recent Opalesque TV interview with Christoph Manser, Head of fund of funds at AXA Investment Managers some hedge fund investors have already shifted their focus away from the largest managers.

Manser says the scope of managers his team is already focused on include those who are nimble, with preferably over $300m in assets (although importantly, they will consider managers who experienced recent asset losses but still maintain infrastructure for a sizeable fund). In......................

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