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Alternative Market Briefing

January hedge fund redemptions slow, buck January 2016 trend

Monday, February 27, 2017

Bailey McCann, Opalesque New York:

Investors pulled another $5.2 billion from hedge funds in January 2017, according to the latest January 2017 eVestment Hedge Fund Asset Flows Report. And while $5 billion is not insignificant, it pales in comparison to the $19.3 billion investors pulled from hedge funds in January 2016, meaning investors may be starting 2017 with a positive view of these funds following some strong 2016 performances.

Overall hedge fund industry AUM in January stood at $3.033 trillion and 49% of hedge fund managers reported positive inflows during the past month.

According to the report, the largest redemptions in January were from managed futures funds, though fewer than half of products had outflows. Investors continue to display dissatisfaction with large products which underperformed in 2016.

2016 was a difficult year for the industry. But with 2016 performance coming in strong, eVestment's outlook for 2017 asset flows hinges on two main influences. First, the wave, or lack thereof, of inflows from institutional portfolios as a result of portfolio shifts in exposure to hedge funds. This had been a primary driver of inflows in 2013-2015, and faded in 2016. And the second influence: the impact of prior year's performance on the withdrawal, allocation or redistribution of assets around the industry.

Last year's negative environment was the result of the first influence being near flat, and prior year (2015) returns being n......................

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