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Alternative Market Briefing

GSAM: As equities rally, investors return to liquid alts

Tuesday, September 19, 2017

Bailey McCann, Opalesque New York:

As the equities rally continues into indefinite innings, investors have returned to liquid alternatives.

The latest performance and asset flows analysis of the first half of the year from Goldman Sachs Asset Management shows that positive performance is bringing investors back to actively managed mutual funds.

Four of the five GSAM LAI Peer Groups posted positive performance in the first half of 2017, with Equity Long/Short and Event Driven strategies performing best, and Tactical Trading/Macro strategies posting losses. Investors rewarded equity long/short and event driven funds for the performance gains with new asset flows, in addition to low-cost "alternative beta" funds.

GSAM identifies its liquid alternatives universe as a group of 297 funds in the Morningstar Liquid Alternatives category that behave most like traditional hedge funds. Those 297 funds are broken into strategy peer groups and analyzed against comparable HFR indexes of hedge fund performance.

On a strategy basis, the Equity Long/Short cohort is up +8.6 percent on the year, compared to the HFR Index which is up +8.1 percent. Even Driven strategies are also up +4.9 percent. The group has underperformed the HFRX Event Driven Index which is up +12.5 percent YTD but the liquid alts funds have outperformed their peers within their Morningstar category.

Relative Value funds are also up +2.6 percent YTD compared to the benchmark HFRX Relative Value Arbitr......................

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