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Bailey McCann, Opalesque New York:

Investors redeemed an estimated $6.51 billion from the global hedge funds business in August 2019, according to the latest eVestment asset flows report. Overall year to date flows are negative at ($63.61) billion. Performance also reduced assets as total industry AUM declined to $3.259 trillion last month.

The majority of strategies eVestment tracks actually saw asset inflows, but large outflows among Macro hedge funds (-$6.18 billion) and Long/Short Equity funds (-$5.33 billion) in August dwarfed inflows. YTD Long/Short Equity funds are the biggest asset losers seeing outflows of -$31.14 billion so far this year.

Event Driven funds saw the most significant inflows in August with +$2.59 billion. YTD these funds have pulled in +$13.28 billion. Managed Futures funds were also in the green for asset flows in August with $1.5 billion, but remain in the red for flows YTD at -$10.62 billion. In fact, it has been 17 months since overall allocations outpaced redemptions to Managed Futures funds.

MBS Strategies, Multi-Strategy, Convertible Arbitrage, Market Neutral Equity, Distressed and Relative Value Credit funds also eked out positive flows in August, but for most of them just barely.

Emerging Markets fund outflows in August rose to their highest level since June 2018, with investors redeeming -$1.54 billion from these funds. However, YTD these funds have still seen +$1.94 billion in new AUM.

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