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Alternative Market Briefing

Hedge fund redemptions continue despite performance rebound

Thursday, April 25, 2019

Laxman Pai, Opalesque Asia:

Investors continued to pull money from the business, redeeming an estimated $13.69bn from the hedge fund industry in March 2019.

"Hedge fund redemptions continued despite a strong start to the year, which saw Q1 2019 average hedge fund performance hit +5.34%," said the eVestment Hedge Fund Asset Flows Report.

Q1 2019 marked the fourth consecutive quarter of net outflows from the industry, but Q1's strong performance more than offset investor redemptions, leaving overall hedge fund industry assets under management (AUM) at $3.258tn.

Large Macro, Long/Short Equity and Managed Futures funds, which underperformed in 2018, were responsible for most redemptions in March.

Directional Credit funds continued an asset-gaining winning streak from 2018, pulling in +$1.26bn in new assets in March for a total of +$2.20bn in new assets in Q1 2019, the report said. Last year these funds were also new-asset gainers, pulling in +$4.20bn.

Event Driven, Market Neutral Equity and Convertible Arbitrage funds (although just barely on the last one) were in the green in March as well, eVestment said.

Emerging Markets funds had a strong March and Q1 in asset flows, pulling in +$2.15bn for the month and +$4.49bn for the quarter. The bulk of those new assets went to China-focused funds, it said.

Hedge funds focused on investments in the Americas and Asia performed strongly in March, adding +$1.39bn and +$1.77bn respectively last month.


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