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Laxman Pai, Opalesque Asia: Investors removed an estimated $9.74 billion from hedge funds in the final month of 2020, said eVestment. YTD redemptions are estimated to be $58.76 billion. The total estimated industry AUM sits at $3.360 trillion.
Since 2008, only once have net flows been positive in the final month of the year (2010, $2.4 billion). Since 2009, the average of December net flows has been $16.5 billion making the redemption in December 2020 a decent figure for the industry.
The report said that while the net flow figure was muted for December, the volume of asset movement during the month was relatively high compared to a six-year average, though still below the average of past Decembers.
What this means is that despite muted flows for December, there was still a relatively large amount of money moving in/out on a net basis during the month, it added.
Before December and with the overall industry seeing net outflows, multi-strategy fund net flows had been positive, despite elevated outflows in the quarter after the pandemic's onset.
"As the overall industry has consistently experienced net outflows in December, a theme shared by macro strategies as a group through 2017, macro fund flows have been positive in December 2018, 2019 and now again in December 2020, said Peter Laurelli, global head of research at eVestment.
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