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Fund of hedge funds gained $5.61 billion in AUM during Q1 2015 - eVestment

Wednesday, July 29, 2015

Bailey McCann, Opalesque New York:

eVestment released it's Funds of Hedge Funds Report which shows that funds of hedge funds gained $5.61 billion in assets under management during Q1 2015 for a total of $943.40 billion, accounting for approximately 30.41% of hedge fund industry assets.

According to the data, FoFs outperformed hedge funds on an equal weighted absolute basis over the last twelve months ending May 2015. Both cohorts posted returns of 6.65% versus 5.84%, respectively. However, over a longer time horizon hedge funds regain the top spot, beating FoFs by 2% over five years.

As measured by their Sharpe ratios, the average fund of hedge funds continue to outperform the average hedge fund - 1.42 versus 1.27 over the last twelve months.

In terms of allocations, more money in the first half went to traditional hedge funds than FoFs, but the cohort is expected to see continued redemptions through the remainder of 2015.

On an exposure basis, both macro and managed futures FoFs saw negative allocations. The data is notable as historically, both macro and managed futures strategies have been big components of the FoFs industry. "FoHFs have historically been overrepresented in macro and managed futures funds’ investor bases which is not surprising given that FoHFs were more readily able to assess complex strategies in the past. However, FoHFs now account for 31.60% of macro AUM and 28.89% of managed futures AUM compared to 30.41% for hedge funds as a ......................

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