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Alternative Market Briefing Weekly

Opalesque Roundup: Optimal environment for macro hedge funds since the new year: hedge fund news, week 16

Saturday, May 07, 2022

In the week ending May 6th 2022, HFM published a report saying that the conflict in Ukraine, rise in inflation and commodities price surge have all combined to create an optimal environment for macro funds since the new year. Investors have responded accordingly with 60% of macro funds having posted positive flows in 2022 against 46% of other strategies. YTD, 65% of macro funds have positive returns, compared to 35% of other funds and FoHFs.

Investors removed an estimated net $8.96 billion from hedge funds in March. Performance accounted for an increase in assets. The result of both factors was an increase in estimated industry AUM to $3.623 trillion, said eVestment. It is difficult for anything to grow when some of its largest pieces are not growing and that is why the hedge fund industry ended Q1 with essentially zero growth from net investor flows. Long/short equity and credit strategies are having a very difficult time raising new capital to outpace redemptions and recent performance in an albeit very difficult environment does not appear to be inspiring investors.

In performance news, Bridgewater Associates continued its torrid winning streak in April - the macro giant's flagship fund Pure Alpha II, also known as Pure Alpha 18 Percent, surged another 10 percent in April; Following a strong first quarter, AQR Capital Management posted monthly gains across more than 11 strategies in April, and Ken Griffin's Citadel told investors that its multi-strategy flagship Wellington fund gained 7.45% last month, as the S&P 500 index dropped nearly 9%.

Meanwhile, Dan Loeb's largest hedge fund posted a small loss in April - Third Point Offshore fund declined 1.2 percent last month, e......................

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