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In the week ending January 12th, 2024, HFR reported that hedge fund performance surged through year-end, with December showing acceleration of the powerful leadership trends from the prior month, as gains were driven by a combination of the welcome decline in inflation, resulting in falling bond yields, structural developments in cryptocurrency, improving M&A, and general economic outlook for 2024. The HFRI Fund Weighted Composite Index (FWC) jumped an estimated +2.6 percent, bringing the 2023 calendar year return to +7.5 percent.

Meanwhile, the results of the Q4 2023 Hedge Fund Confidence Index (HFCI) show an average confidence level of +15.6, a decrease of six points from Q3, and just below the average score of +17.7. "In the third quarter, the confidence score was boosted by higher numbers from hedged equity and global macro managers," the index report says.

The fourth quarter of 2023 capped a strange year for traditional assets. Despite lingering economic concerns, increasing corporate defaults and a squeezed consumer, equity markets finished the year strongly.

In performance news, life sciences and biopharma hedge funds posted massive gains in December, capping an astonishing turnaround over the final two months of the year; ValueAct Capital, which has pushed for changes at companies ranging from Salesforce to Microsoft, returned 39% last year, an investor familiar with the numbers said on Wednesday, while former Credit Suisse star trader Hamza Lemssouguer guided his hedge fund to double-digit gains last year, making it one of the best-performing credit money pools - his $2.7 billion Arini Credit Master Fund returned 32%, according to a person with knowledge of the matter.

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