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Alternative Market Briefing

Hedge funds rebound after two month slump, AUM up to $3.070 trillion

Tuesday, December 23, 2014

Bailey McCann, Opalesque New York:

Hedge fund AUM has rebounded following two months of investor outflows according to the latest asset flow data from eVestment. Investors added $5.4 billion into hedge funds and performance gains bumped total industry AUM up to $3.070 trillion.

Investor allocation trends which had persisted for several months leading up to September and October’s volatility resumed in November, namely flows into equity (including both long/short and event driven) and multi-strategy led the industry. The flows into equity exposure were important because they show a level of continued support for the group in the face of recent volatility. While redemptions may still emerge in the coming months resulting from September/October, with the underlying trend in their favor, the net effect may be muted.

Credit strategies saw inflows in November following months of steady declines. This trend further underlines the return to investment narratives that kicked off 2014.

Managed futures and macro funds, which have seen performance rebounds in recent months have been unable to see the same rebound in allocations, and this also held true through November. Macro funds have faced net outflows in the last six months and managed futures have seen outflows in twenty-six of the last twenty-seven months.

Outside of the domestic US market, interest in exposure to Asia was elevated, with Asia-focused strategies seeing inflows of $1.66 billion in November.

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