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Alternative Market Briefing

Led by Macro and Relative Value Arbitrage strategies, hedge funds register $13bn inflows in third quarter

Thursday, October 22, 2020

Matthias Knab, Opalesque:

Investors allocated new capital to the hedge fund industry in the third quarter, the first quarterly net inflow since 1Q18, driven by strong performance through the coronavirus pandemic volatility and positioning for continued uncertainty around both the virus and t he upcoming US elections.

Led by Macro and Relative Value Arbitrage strategies, hedge funds received an estimated net inflow of $13.0 billion in 3Q 2020, increasing total industry capital to $3.31 trillion, as reported today by HFR, the established global leader in the indexation, analysis and research of the global hedge fund industry.

The investable HFRI 500 Fund Weighted Composite Index advanced +3.6 percent in 3Q, extending 2Q gains and recovering from the early 2020 decline to bring YTD performance to +0.8 percent. The YTD return tops the decline of the DJIA by nearly 350 basis points (bps) and exceeds the performance of the FTSE 100 by over 2300 bps.

Uncorrelated Macro strategies led hedge fund inflows in 3Q, as investors positioned for continued macroeconomic uncertainty and powerful trends across global financial markets. Investors allocated an estimated $7.2 billion of net capital to Macro strategies, increasing total Macro assets to $579.1 billion, with the inflows split nearly equally between CTA strategies and uncorrelated currency strategies. Quantitative, trend following Systematic Diversified CTA strategies experienced inflows of $3.2 billion, while Currency foc......................

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