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Hedge fund managers returned 1.51% in October

Friday, November 19, 2021
Opalesque Industry Update - Hedge fund managers returned 1.51% in October, underperforming the global equity market as represented by the MSCI ACWI (Local) which returned 4.61% during the month. In terms of 2021 performance, global hedge funds were up 9.18%, with more than a third of the constituents of the Eurekahedge Hedge Fund Index generating double-digit returns in 2021.

On an asset-weighted basis, hedge funds returned 0.94% in October, as captured by the Eurekahedge Asset Weighted Index - USD. In terms of 2021 performance, the index is up 4.22%, with its underlying strategic mandate CTA/managed futures posting the best performance with 8.28% over the same period.

The Eurekahedge North American Hedge Fund Index returned 2.36% in October, thanks to the strong corporate earnings and dovish stance of the Fed on their policy rate which boosted the performance of US equities. On a year-to-date basis, North American managers were up 13.78%, outperforming their European and Asia ex Japan peers who returned 8.48% and 7.61% respectively over the first 10 months of the year.

The Eurekahedge Indian Hedge Fund Index was down 0.14% in October, underperforming their Greater China peers which were up 2.70% over the same month. In terms of year-to-date return, Indian hedge fund managers gained 25.97% over the first 10 months, outperforming their broader Asia ex-Japan and Greater China peers which posted 8.48% and 2.48% respectively. The improving consumer confidence in India on top of recovery from the COVID-19 pandemic has turned foreign investors into net buyers into the region's equity market.

The Eurekahedge CTA/Managed Futures Hedge Fund Index gained 2.41% in October, outshining their strategic peers over the month. Fund managers benefitted from the sharp increase in oil prices, supported by the refusal of OPEC+ to increase production. In terms of year-to-date return, CTA/managed futures hedge funds were up 8.43%, with more than 40% of the mandate gaining a double-digit return over the year.

Structured credit fund managers maintained their winning edge as they returned 0.72% in October, recording their 19th consecutive month of positive performance. On a year-to-date basis, the Eurekahedge Structured Credit Hedge Fund Index was up 9.14% over the first 10 months of the year, while their accumulated return since end-March 2020 rose to 36.86%.

Fund managers focusing on cryptocurrencies returned 26.65% in October as tracked by the Eurekahedge Crypto-Currency Hedge Fund Index, supported by the performance of Bitcoin which returned 48.93% over the same period. In terms of 2021 return, cryptocurrency hedge funds have gained 179.32%, outperforming Bitcoin which returned 115.04% over the first 10 months of the year.

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