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Serge Darolles By Beverly Chandler, Opalesque London:

Lyxor has published new research entitled Quantifying Alternative Ucits following on just a year after its first paper, Quantifying Newcits. Designed as an update to the initial study looking at the regulation and performance of regulated hedge funds, this paper has several improvements in the methodology.

Serge Darolles, the reports author explains that until recently even defining an Alternative UCITS or Newcits funds universe was not an easy task. "In particular, the difference between long-only and absolute return UCITS funds was difficult to clarify" he says. However, now the Alternative UCITS universe has reached critical mass, with data providers such as Morningstar covering these funds. As a a result, Lyxors latest study covers a larger group of funds. "First, we multiplied the size of the universe by three, from 153 to 450 funds. This increases the representative input universe and the statistical significance of the quantified output of our analysis."

The second change to the study was that Lyxor used the new Morningstar classification created for Alternative UCITS funds. "This classification follows the usual hedge funds classification and allows an easy comparison between Alternative UCITS and traditional hedge funds by strategy. We also have to differentiate between hedge fund experienced ("HF Experienced") and non-hedge fund experienced ("non-HF Experienced") Al......................

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