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Alternative Market Briefing

The rise of emerging markets hedge funds

Friday, February 22, 2019

Laxman Pai, Opalesque Asia:

Emerging Markets hedge funds, including China, Latin America and Russia-focused funds, surged to begin 2019, with the "risk on" sentiment representing a sharp contrast from late 2018 and reversing steep losses from 4Q.

According to the newly released HFR Asian Hedge Fund Industry Report, the HFRI Emerging Markets (Total) Index advanced +4.7% in January, the strongest monthly gain since March 2016.

Hedge funds investing across all EM regions contributed to strong gains for the month, with each experiencing sharp reversals from late 2018. EM hedge fund performance was led by the HFRI EM: Latin America Index, which gained +8.3% in January and followed the 2018 decline of -6.9%.

Similarly, the HFRI EM: Russia/Eastern Europe jumped +6.5%, the strongest monthly return since March 2016, while the HFRI EM: China Index added +5.75%, the best since January 2018. These gains represent a reversal from 2018 when the HFRI Russia Index fell -4.4% and the HFRI China Index declined -17.5 %.

Hedge funds investing in Japan also gained in January, as the HFRI Japan Index gained +2.4% for the month, partially reversing 2018 decline of -5.6%.

Total Asian hedge fund capital declined by $10bn in 4Q to $108.2bn

Total Asia and EM hedge fund capital declined in both 4Q and Full Year 2018 with most of the capital decline attributable to performance-based losses.

Total Asian hedge fund capital declined by $10bn in 4Q to $108.2bn, while t......................

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