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Alternative Market Briefing

Hedge fund industry grows to $3.56tn in Q1 with credit and macro registering inflows

Monday, May 27, 2019

Laxman Pai, Opalesque Asia:

Marking the fourth consecutive quarter of outflows, $22.1bn left the hedge fund industry in Q1 2019 - and yet, despite this net capital withdrawal, industry assets under management (AuM) grew by 3.3% to reach $3.56tn.

According to Preqin, despite only 37% of credit strategies funds recording inflows, the strategy attracted net inflows of $6.6bn in the quarter.

Only macro strategies were able to join credit strategies in positive capital flow territory with a modest $0.1bn. Equity strategies suffered a $9.9bn outflow in Q1, the largest recorded by any top-level strategy tracked by Preqin.

In spite of these capital flows, equity strategies still managed to return +7.18% for the quarter, with the strategy's AUM rising by 6.5% to reach $908.1bn, said the data provider.

Fund managers in Europe and Rest of World recorded positive quarterly inflows of $2.7bn and $8.1bn respectively, helping to increase the latter's regional AUM by 26.4% to $42.3bn.

Elsewhere, despite 41% of North America-based funds recording inflows - the largest proportion of any region - $30.8bn in net outflows fated the region to its first quarterly capital withdrawal since Q4 2017 (-$17.5bn).

Longer-term performance remains a key indicator of a fund manager's ability to attract new capital.

Over a three-year period, 44% of funds with an annualized return of 5.00% or more experienced an inflow, vs. only 17% of those that returned less than -5.00......................

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