Should alternative portfolios favor smaller, medium, or larger hedge funds? The choice might not be as obvious as before and may be more dependent on the stage of the business cycle. For many years, small hedge funds have steadily outperformed
Investors’ three main arguments for investing with CTAs are: Absolute Returns Since the turn of the millennium, CTAs (Société Générale CTA Index) have performed in line with global equities (MSCI World Total Return Gross) but at a significantly lower volatility. Diversification CTAs’ return stream stems from
Semi-Annual Futures Rankings What’s the BEST managed futures program? That’s a tricky one. Do you mean: Best last year? Best for all time? Best risk-adjusted return? Best in terms of lowest drawdowns? We can all see which programs logged the
Legends4Legends, 2nd October, EYE Film Museum, Amsterdam, Alternatives 4 Children – a leading Charity of the investment industry – brings you a unique investment conference. A true legend stands the test of time. Our event brings you today’s investment Legends
Survivorship bias, the predisposition to evaluate a data set by focusing on the “survivors” rather than also examining the record of non-survivors, is important to understand for hedge fund peer groups, which tend to have a relatively large number of
The findings from this year’s survey are based not only on what is current practice between hedge funds and investors, but also potential future developments and how these could be best implemented. Below are the six key takeaways that emerged
Liquid alternatives (typically regulated by the Investment Company Act of 1940) and hedge funds (often lightly regulated legal structures) are public and private vehicles that investors use to access a variety of alternative investment strategies. To compare and contrast them,
This report provides an overview of the global crypto hedge fund landscape and offers insights into quantitative elements such as liquidity terms and performance, as well as qualitative aspects such as best practice with respect to custody and governance. By
Investors once again showed their dissatisfaction with underperforming products with elevated redemptions in March 2019. The outflows were enough to push Q1 into negative territory, which also made Q1 2019 the fourth consecutive quarter of redemptions for the industry. Despite
Conviction • Concentration • Consensus • Crowdedness The Novus 4C Indices track important hedge fund factors through public equities. The data underlying index creation is sourced from an aggregate hedge fund portfolio called the Novus Hedge Fund Universe (HFU). HFU is
Hedge funds were once praised for extracting superior performance relative to traditional asset managers. More recently, however, we have witnessed a growing tide of negative sentiment directed at them, driven by a lengthy period of lacklustre hedge fund returns coupled
The weekly brief The market rebound started at end of December has taken place amid an easing of trade tensions and hopes that a no-deal Brexit will be avoided. A softer stance from major central banks has also been supportive.
The weekly Brief 2018 ended with investors hesitating between several scenarios, which led to widely different performance patterns. Summarized below, none can fully explain alone recent prices actions. We do not expect a recession, rather we anticipate a global growth
The NOVUS 4C Indices Hedge funds express conviction in companies they hold by sizing them up in their portfolios. Does hedge fund conviction play a role in the future performance of stocks? Evidence shows that it does. If a stock
The Weekly Brief The confirmation of a changing Federal Reserve System’s ("Fed”) tone and hopes for a truce in the U.S. trade standoff both supported risky assets this week. Rates have been trending down since mid-November, in sync with a
In our view, the ongoing rise in global interest rates plus signs of divergent economic and earnings growth cycles should create opportunities for the 4th quarter. Our top strategy convictions: Relative Value, Event Driven – Merger Arb, Discretionary Macro
Each quarter, our research team reviews investment firms that have filed a 13F with the SEC for the first time and selects firms to include in the Novus Hedge Fund Universe “HFU.” The HFU is a composite portfolio of over
Opalesque Round Table Co-Investments are equity, debt or other exposures offered by fund managers to their investors directly in the portfolio companies, project or trade in which they invest. They can offer access to high-conviction ideas and differentiated return streams
The Weekly brief While hedge fund performance and alpha were honorable until the summer, our analysis suggests that they erased about 2.5% of alpha since June, with no turn in sight yet in September.
Introduction Letter Our 15th annual institutional investor survey collected responses from over 250 investors globally. Hedge fund managers and investors have consistently reported that the survey helped them understand industry trends and investment behavior. We thank the investors who participate
Hedge Fund brief European investors bore the brunt of the market turmoil over the course of August. Turkey’s currency crisis and the widening of Italian sovereign spreads translated into an underperformance of European assets versus the U.S., both equities and
The Weekly Brief European investors bore the brunt of the market turmoil over the course of August. Turkey’s currency crisis and the widening of Italian sovereign spreads translated into an underperformance of European assets versus the U.S. for both equity
RPM EDUCATIONAL # 8. Key point: Although trend following is the dominating strategy in the CTA universe, there are also other sub strategies with different characteristics. Whereas trend following is superior in trending markets and persistent crises; during non-trending periods
Perspectives Alfred W. Jones opened the doors of the world’s first hedge fund firm almost 70 years ago. He could not have known it at the time, but his innovations would sow the seeds of a new industry that would
The Weekly Brief Coping With Political Uncertainties. This week, hedge fund returns were dragged by CTAs. Early signs of the Bank of Japan moving out of zero interest-rate policy hit their Japanese bonds and short JPY positions. Some Event-Driven strategies also
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