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Benedicte Gravrand, Opalesque London:
Hedgegate Swiss FoHF Index, an index covering most Swiss registered funds of hedge funds (FoHFs), did not take much progress in January this year. According to Zurich University of
Applied Sciences' Centre for Alternative Investments (ZHAW for short), the
index returned -0.23% then, but +5.38% on a 12-month basis; +4.7% in 2010
(compared to HFRI Fund Weighted Composite Index' +10.28%); and -0.08% in the
past 48 months.
Based on the index' 19-factor model, the most significant positive
contribution in January originated from commodities and equities. Emerging
markets, on the other hand, contributed negatively.
Event Driven strategies made the biggest contributions for the second
consecutive month, and ZHAW identified similar trends in the Swiss market
for Swiss registered FoHFs, as the list of the top performers on a YTD-2011
basis (including February) is being dominated by products specialized in
Event Driven/turnaround situations or distressed values.
Comparatively, the HFRI Fund of Funds Composite Index was up 0.12% in
January 2011 (+0.97% YTD to end-February, and + 5.68% in 2010) - and the
HFRI Event-Driven Index returned +1.75% that month (+3.19% YTD and +11.74%
in 2010).
FoHFs assets stable in Switzerland, but not globally
Swiss-based FoHFs have been able to maintain an impressive market share of
over 30% of the global FoHFs industry, said Regina Anhorn, director at ZHAW,
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