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In the week ending February 23rd 2024, a report revealed that funds of hedge funds serviced by the Citco Fund Services Companies achieved an average return of 5.92% in 2023, rebounding from the -3.35% seen the previous year. Whether concentrated or diversified, all categories of portfolio saw positive returns on a number of holdings basis, as did all strategy size groupings, and in total 88% of funds had positive returns for the year. Having had a positive first half of 2023, the average fund across every category continued to make further gains in the second half of the year under review.
Meanwhile hedge funds trailed global equities, both for 2023 overall and in January, as investor optimism over artificial intelligence (AI) and the Federal Reserve's policy pivot propelled equities higher. The MSCI All Country World index was up 20% in 2023, while the HFRI Fund Weighted Composite index returned 8.1%. Last month, global stocks rose 0.5%, compared to a gain of 0.4% for the HFRI.
In new launches, Bobby Jain secured more than $3 billion of commitments for his new hedge fund, roughly half of his goal with several months to go before its trading debut; Former Elliott Investment Management portfolio manager Mark Wills is starting a hedge fund focused on the financial services sector, people with knowledge of the matter said, and European private markets manager CVC raised $6.8 billion for its ...................... To view our full article Click here
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