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Alternative Market Briefing

Hedge fund performance declines in October for the second month in a row

Friday, November 13, 2020

Laxman Pai, Opalesque Asia:

Hedge funds continued to face a difficult market environment in October as for a second consecutive month the majority of funds saw performance declines, said a report by eVestment.

According to the report, the average return in the hedge fund industry came in at -0.21% in October. The tough first quarter of the year leading up to the global pandemic and the past two months have left the industry at a just-barely-positive +0.74% return year to date (YTD). This is a stark contrast to the +10.05% return the industry put up for all of 2019.

Less than half (47%) of hedge funds produced positive results in October, and there weren't any exceptional groups of performance winners or losers among the fund categories eVestment tracks.

Among primary hedge fund strategies eVestment tracks, just under half - Event Driven-Activist, Multi-Strategy Credit, Distressed, Convertible Arbitrage, Relative Value Credit, and Event-Driven - turned in a positive average performance for October, but none reached +1%, said the report.

According to eVestment, the highest concentration of positive performing strategies YTD has been within Convertible Arbitrage with 80% of reporting funds posting positive performance and the segment sitting at +6.65% YTD.

Equity-Technology funds are the strongest performers YTD among sub-sector exposures eVestment tracks. While these funds' average performance in October was only +0.60%, their YTD average performance stands a......................

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