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Laxman Pai, Opalesque Asia: New hedge fund launches increased to begin 2019, climbing to 136 in Q1, an increase over the 111 launches in the volatile 4Q18, according to the latest HFR Market Microstructure Report.
According to the report, the 136 new launches brings the rolling 12-month launch total to 544, falling below the 561 launches from calendar year 2018 and representing the lowest total for a 12-month period since 2000.
1Q19 also represents the third consecutive quarter in which liquidations exceeded launches, reversing what had previously been a four-quarter trend of net growth in the number of funds. Fund liquidations were steady in 1Q19, narrowly declining to an estimated 213, in line with the 215 liquidations from 4Q18.
The 1Q19 liquidations brings the rolling 12-month liquidation total to 727, topping the 659 liquidations from calendar year 2018 but representing the second lowest liquidation total since 2007.
HFRI Fund Weighted Composite Index gains +5.0%
Despite posting its first monthly decline for the year in May, the HFRI Fund Weighted Composite Index has gained +5.0% YTD through May 2019, led by the HFRI Equity Hedge (Total) Index, which has gained +6.4%.
Risk Parity strategies have also posted strong returns for 2019, with the HFR Risk Parity Volatility 15 Institutional Index jumping +14.5%.
Blockchain and Cryptocurrency funds have surged in 2019, with the HFR Cryptocurrency Index gaining +82.5% through May.
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