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Bailey McCann, Opalesque New York: Global investors pulled another $3.78 billion from hedge funds in May, according to the just-released May 2019 eVestment Hedge Fund Asset Flows Report. May's results bring year to date (YTD) flows to -$25.43 billion. Performance losses reduced assets further, pushing total industry AUM down to $3.238 trillion. Overall industry results point to continued consolidation in the industry as investors gravitate to funds that are performing strongly and/or that are successfully marketed.
Hedge funds that have performed well in recent months are the only funds that are seeing new inflows, however, those inflows are not typically high enough to reverse overall negative flows for a given category. For example, +$1.53 billion of net inflows went into commodity strategies in May but those flows were confined to a handful of funds that have performed positively.
Macro hedge funds were among the big asset losers in May, with redemptions of -$6.22 billion, bringing YTD outflows to -$12.11 billion.
Long/Short Equity funds also saw big out flows in May and YTD of -$2.37 billion and -$16.32 billion YTD, respectively.
Two categories have been able to keep assets coming in. Multi-Strategy hedge funds were the big winners in asset flows in May pulling in +$3.95 billion for the month, bringing YTD inflows to these strategies to +$6.56 billion. Event Driven hedge funds were also big asset winners in May, gaining another +$2.39 billion. Event D...................... To view our full article Click here
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