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New Managers August 2018

BULLETIN: A&P Emerging Manager Index down -0.02% in July, Emerging biotech hedge fund approaches first full year with 42% gains, Hedge funds launched in 'hot market' underperform

 

A&P Emerging Manager Index down -1.62% in June July hedge fund performance bounced back slightly but not enough to return to positive. Market volatility and trade tensions continue to weigh on investor sentiment. Advisors & Partners LLP launched the A&P Emerging Manager Index (APEM Index©) on the 1st December 2015 and the A&P Emerging Manager UCITS Index ("A&P EMU Index©") on the 1st January 2017.

Both the APEM index© and the A&P EMU Index© are designed to offer investors, who have a particular interest in early stage hedge fund investing, an effective research and benchmarking tool and to provide better visibility to asset managers who have launched new regulated offshore and onshore hedge fund investment products.

Details of the A&P Emerging Manager Index & the A&P Emerging Manager UCITS Index can be found on our website: https://www.advisorsandpartners. co.uk/knowledge/advisors-partners-indices/

Hedge funds launched in 'hot market' underperform

New hedge funds incepted in hot markets or amid highest investor interest continue to underperform investable peer funds, revealed a new research paper titled "Strategic timing of hedge fund starts".

What's more, hedge funds opened in hot markets exhibit poor subsequent performance, shorter survival, and higher operational risk. Overall, the strategic timing of hedge fund starts is not in the best interest of investors.

The research paper prepared jointly by Lin Sun (Florida State University), Zheng Sun (University of California) and Lu Zheng (University of California) examine whether hedge fund management companies strategically time fund starts to exploit investor sentiment.

Using three proxies for hedge fund investor sentiment, the paper classifies the state......................

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This article was published in Opalesque's New Managers a top-down monthly analysis, news and research publication on the global emerging manager space.
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