HFI Global Briefing - November 2010
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HEDGE FUND INDUSTRY GLOBAL NEWS ROUND-UP RESEARCH ABSOLUTE UCITS DATA
GlobalBriefingVolume 4 Issue 1 November 2010 A HedgeFund Intelligence publication
HedgeFundIntelligence
Global equities rally while Japan altersGLOBAL SUMMARY
The market rally of September continued into October as further
economic data was released and increased expectation of further
quantitative easing by the Fed pushed markets higher.
As Q3 earnings continued to be released during October, better-than-
expected corporate results pushed the markets higher globally, except
for Japan as a country dependent on exports saw the weakening
USD push the yen higher. While the Bank of Japan looked to cut rates
and pump more money into the economy, the Nikkei and TOPIX still
decreased for the month down 1.78% and 2.24% respectively.
While equity markets rallied the MSCI the World Index increased
3.73% for October to a gain of 6.47% for the year hedge funds
underperformed their equity benchmarks with the HedgeFund
Intelligence Composite Index median gaining 1.65% for October and
up 5.66% for 2010. On a regional basis, the US is the star performer,
gaining 7.03% for the first 10 months of the year compared to
Europe and Asia up 4.5%.
Emerging Market Debt, which has seen a growth in demand, is the
star performer for the year out in front, with a median gain of over
9%. Demand for emerging market bonds increased as developed
markets remain shaky, with investors moving away from riskier
assets such as developed market bonds.
While markets have been boosted by the rally of the past couple of
months, November, so far, has seen a number of conflicting data
shock mid-term election results, sovereign problems in Europe and
further quantitative easing in the US so it will be interesting to see
whether this rally will continue through to the end of November.
CONTENTS1 Global summary
3 The Americas summaryUS Q3 GDP up 2% as slow recovery continues
4 Europe summaryFears o a double-dip recession recede
5 Asia-Pacific summaryGlobal equities respond to quantitative easing
6 Funds o unds summaryCommodities and equities remain strong
8 Absolute UCITS Latest UCITS III developments
9 Research UCITS mirror ofshore unds perormance
11 Data October sees 93 new unds onstream
12 Latest weekly newsFor more inormation please contact: Damian Alexanderemail: [email protected] tel: +44 (0)20 7779 7361
Medians MeansStrategy Oct-10 YTD Oct-10 YTD
Equity 1.74% 3.91% 2.24% 5.89%
Macro 0.74% 4.75% 1.34% 5.68%
Managed Futures 2.86% 6.34% 3.61% 9.47%
Event Driven 1.98% 7.32% 3.00% 9.28%
Emerging Market Debt 1.21% 9.21% 1.53% 11.66%
Emerging Market Equity 2.57% 6.27% 2.72% 8.17%
HFI Global Composite 1.65% 5.66% 2.10% 7.01%
GLOBAL INDICES (EST)
%
MSCI World Index - Net
HedgeFund Intelligence Global Index - Macro
HedgeFund Intelligence Global Index - Managed Futures
HedgeFund Intelligence Global Index - Event Driven
HedgeFund Intelligence Global Index - Equity
HedgeFund Intelligence Global Index - Emerging Market Equity
HedgeFund Intelligence Global Index - Emerging Market Debt
HedgeFund Intelligence Global Index - Composite
-50
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GlobalBriefingis a ree monthly publication To subscribe please go to www.hedgefundintelligence.com/globalbriefing.aspx
GLOBAL COMPOSITE MEDIAN INDICES
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4/12GlobalBriefingis a ree monthly publication To subscribe please go to www.hedgefundintelligence.com/globalbriefing.aspx November 2010 4
Fears o a double-dip recession recede
Covering the single manager
hedge fund industry in Europe
HEDGE FUND STRATEGIES
Equities The market rally of September continued into October asfurther hints of economic stimulus pushed markets higher, and fears of a
double-dip recession abated. European Equities had a strong month with
the FTSE, MSCI Europe and CAC all ending the month up around 3%.
The German DAX was the regional star performer, up nearly 6% for the
month and now in double digits for the year at 10.81%. European Equity
hedge funds continued to underperform their equity benchmarks up
an estimated 1.70% for October as the losses from their short books
offset gains from their long portfolios.
Managed Futures The EuroHedge Managed Futures Index was up
an estimated 3.40% for October and is fast becoming one of thetop-performing strategies of 2010 up 8.69% for the first 10 months of
the year. Funds saw considerable gains as the Fed hinted to more
quantitative-easing techniques overall affecting markets. With the Feds
stance, the US dollar decreased, benefiting short positions while fixed
income was also affected as small losses slightly offset performance.
Emerging Market Data With only one down month for 2010 so far, the
EuroHedge Emerging Market Debt index is up 8.45% through to the end
of October after another estimated boost of 0.89% for last month. With
investors moving to riskier assets, emerging markets benefited, as gains
from emerging market currencies were boosted as the USD declined.
Gains from long positions in South African rates and EM currencies were
slightly offset from losses in bond, such as Malaysian bonds, which saw
prices decrease during October.
Credit The credit universe had another steady month during October,
with its fourth consecutive monthly gain. With government bonds and
equities offering little advantage, investors moved to credit, as new
issuance within Europe still remained high, due to low interest rates.
With strong inflows into the European high-yield market, this strong
demand was also been beneficial to the secondary market, pushing prices
higher. This enabled the EuroHedge Credit Index to post another gain, up
1.28% for October and now up for the year at 9.04%.
Medians MeansStrategy Oct-10 YTD Oct-10 YTD
European Equity USD 1.76% 3.37% 2.11% 4.19%
European Equity GBP 1.92% 4.42% 2.02% 5.30%
European Equity EUR 1.70% 4.11% 1.81% 4.86%
Macro USD 0.03% 3.99% 0.14% 4.24%
Fixed Income USD 0.08% 5.90% 0.02% 6.91%
Global Equity USD 1.62% 1.85% 1.92% 2.86%
Managed Futures USD 3.40% 8.69% 3.80% 9.82%
Credit USD 1.28% 9.04% 0.98% 9.53%
Currency -0.19% 2.88% -0.18% 5.88%
Event Driven USD 1.15% 3.32% 2.95% 7.63%
Mixed Arbitrage & Multi Strategy USD 1.65% 5.55% 1.78% 8.24%
Equity Market Neutral &
Quantitative Strategies USD 0.37% 3.57% 0.65% 2.81%
Convertible & Equity Arbitrage USD 2.07% 9.60% 1.73% 10.26%
Emerging Market Debt USD 0.89% 8.45% 1.09% 8.12%
Emerging Market Equity USD 2.56% 7.37% 2.30% 6.30%
Composite 1.41% 4.44% 1.80% 5.38%
EUROHEDGE INDICES (EST)
%
MSCI Europe - Net
EuroHedge Global Equity USD Index
EuroHedge Macro USD Index
EuroHedge Fixed Income USD Index
EuroHedge Managed Futures USD Index
EuroHedge European Long/Short Equity EUR Index
EuroHedge Composite Index
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MARKET EVENTS
UK government spending review sees 86 billion o cuts
Q3 data released in October shows that the UK grew by 0.8%
UK exports rose to a five-month high
Euro surged to a six-month high against the dollar
Six UK banks pledge 1 billion to a venture capital und
EUROHEDGE MEDIAN INDICES VSMSCI EUROPE
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Global equities respond to quant easing
Covering the single manager hedge
fund industry in the Asia-Pacific
HEDGE FUND STRATEGIES
Chinese Long/Short Equity In October, the focus in the region was centred
on China, as the Peoples Bank of China implemented two policy moves
aimed at inflation and asset bubbles. There was an increase in the reserve
requirement ratio and also a 25 basis point increase in interest rates. This,
however, was overshadowed by the quantitative easing news in the US
causing equities across the globe to climb, and the MSCI World Index was
up 3.73%. But China local shares outperformed this by far in October with
returns of 12.17%, yet they were still down 9.10% for the year-to-date,
despite the big return for the month. The Chinese long/short equity
strategy gained an estimated 2.58% median return, making it one of the
best-performing strategies in October.
Japanese Long/Short Equity The Japanese market had another volatile
month, starting upwards but finishing the month in the red, as the TOPIX
and Nikkei fell 2.24% and 1.78%, respectively. The Japanese long/short
equity strategy was also down for the month at -0.94% (JPY) and -0.37%
(USD), making them the worst-performing strategy in October. The US
dollar was weak on the back of the QE2 expectation, which drove up the
yen despite the intervention in September. As a result, exporters once
again underperformed the market. Negative returns also came from the
foods, iron and steel sectors. On the up side, positive returns were made
from the mining and real estate sectors.
Australian Long/Short Equity The Australian equity strategy did well in
October gaining an estimated 2.19% median return. This outperformedtheir benchmark, the Australian All Ordinaries, which was up 2.08% for
the month. This market also gained on the back of expectations on QE2
in the US and large-scale M&A announcements domestically. The market
was led by materials, IT and telecoms, while the worst performers were
healthcare, property and financials.
Asia excluding Japan Equity September was a strong month and global
equities continued to rally into October. The MSCI Pacific ex Japan was
up 2.82% for the month, pushing the year-to-date figure to 11.01%.
China local shares outperformed, while returns for the rest of the Asian
region were more diverse. Indonesia and the Philippines did well butIndia fell for the month.
Medians MeansStrategy Oct-10 YTD Oct-10 YTD
Asia including Japan USD 1.42% 5.11% 2.30% 5.92%
Asia excluding Japan USD 2.49% 8.25% 2.62% 9.64%
Chinese Equity 2.58% 2.96% 3.43% 5.22%
Indian Equity 2.59% 14.25% 2.15% 15.53%
Japanese Equity USD -0.37% 0.00% -0.94% -1.44%
Japanese Equity JPY -0.94% 0.17% -1.48% -2.22%
Australian Equity AUD 2.19% 2.96% 3.68% 6.87%
AsiaHedge Composite 1.42% 4.59% 1.77% 5.82%
ASIAHEDGE INDICES (EST)
%
MSCI Pacific Free Net
AsiaHedge Composite Index
AsiaHedge Japanese Equity Index USD
AsiaHedge Asia including Japan Index USD
AsiaHedge Asia excluding Japan Index USD
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EQUITY BENCHMARKSBenchmark index Oct-10 YTD
MSCI Pacific Free Net 2.34% 7.23%
MSCI Pacific ex Japan 2.82% 11.01%
MSCI China 3.89% 7.95%
China Shanghai Composite Index 12.17% -9.10%
Sensex -0.18% 14.70%
TOPIX -2.24% -9.00%
Nikkei 225 -1.78% -12.74%
Australian All Ordinaries 2.08% -3.06%
Hang Seng 3.30% 5.60%
ASIAHEDGE MEDIAN INDICES VSMSCI PACIFIC FREE
MARKET EVENTS Strong PMI figure in China at 54.7
Weak auto sector perormance in Japan
Bank o Japan kept rates unchanged
Chinas economy grew 9.6% in Q3 the slowest pace in a year
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Commodities and equities remain strong
Covering the global
fund of funds industry
HEDGE FUND STRATEGIESCommodities
The InvestHedge Commodities index is, so far, one of the top-
performing strategies for October, up 3.29%, reporting an estimated
year-to-date gain of 1.38%, marginally underperforming the MCSI
World Index (up 3.73%). With funds continuing to report, this is
subject to change in the coming weeks. October saw a continued rally
of agricultural commodities such as cotton, corn, sugar, wheat and
soy beans, fuelled by demand and shortage fears. The weakening USD
rate was used to investor advantage bidding the price of gold and silver
to be significantly higher in October.
Equities
The InvestHedge Global Equity index is among the best-performing
strategies at the moment, with the mean up 1.56% and the median up
a further 1.63%, reporting year-to-date gains of 3.19% and 3.08%
respectively. US equity markets rose due to encouraging earning
figures, positive manufacturing and consumer spending data, while
European equity markets saw gains from a number of positive
German reports such as manufacturing, industrial output and
business-sentiment data. Global markets benefited following news
that the Bank of Japan would cut its rate in an effort to ease the
countrys faltering economy.
New unds
Union Bancaire Prive is launching a new fund of funds, capitalising
on its emerging-market expertise. The fund will join its Dinvest range,
domiciled in Luxembourg and run by Shoaib Kahn. The FoHF will be
launched with an initial bias towards Asian markets and equity
managers, combining long/short equity, macro, credit and event-
driven strategies in order to become a true alternative to long-only
investment in emerging managers.
Mandates
Funds of funds, managed accounts and limited partnerships each
received a slice of the institutional asset pie in November, totalling $3
billion in new mandates, according to the latest InvestHedge mandate
table. A large Dutch pension fund awarded Lyxor Asset Management a
$2 billion mandate for its managed accounts platform. On the fund of
funds side, roughly $75 million was put to work in niche strategies
and an emerging manager, with a total of 11 further searches still
being finalised. Going direct is another $700 million in mandates,
while there are still billions of dollars of direct hedge fund allocations
still pending as a number of public pension plan trustees get back towork post the US elections for final year-end meetings.
Medians MeansStrategy Oct-10 YTD Oct-10 YTD
Arbitrage USD Index 0.51% 2.94% 0.61% 2.69%
Asian Pacific Fund of Funds Index 1.43% 1.58% 1.42% 1.49%
Asset Based Lending Index 0.00% 2.82% 0.00% 1.67%
Commodities Index 3.29% 1.86% 3.67% 3.21%
Distressed Index 0.68% 4.59% 1.15% 5.00%
Emerging Managers Index 1.90% 3.13% 1.84% 2.64%
Emerging Markets Hedge USD Index 2.18% 4.75% 2.40% 5.61%
European Equity EUR Index 1.31% 1.72% 1.51% 1.45%
European Multi Strategy EUR Index 1.63% 2.94% 1.52% 2.49%
Fixed Income USD Index 1.64% 7.52% 1.43% 7.58%
Global Equity USD Index 1.63% 3.08% 1.56% 3.19%
Global Macro Currency USD Index 1.54% 4.21% 1.68% 4.89%
Global Multi Strategy EUR Index 1.04% 1.85% 1.23% 1.98%
Global Multi Strategy USD Index 1.30% 3.10% 1.38% 3.43%
Leveraged Global Multi-Strategy USD Index 2.70% 6.21% 2.66% 7.66%
US Equity Index 2.16% 4.22% 1.97% 4.51%
InvestHedge Composite Index 1.48% 3.15% 1.55% 3.41%
INVESTHEDGE INDICES
%
MSCI The World Index Net
InvestHedge Leveraged Global Multi-Strategy USD
InvestHedge Global Multi-Strategy USD
InvestHedge Global Equity USD
InvestHedge European Multi-Strategy EUR
InvestHedge European Equity EUR
InvestHedge Composite
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INVESTHEDGE MEDIAN INDICES VS MSCI WORLD
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Single-manager UCITS III news
GLG Partners is launching a Dublin-domiciled UCITS version of its
offshore multi-asset global macro fund strategy. The GLG Atlas Macro
Alternative Fund is run by portfolio manager Driss Ben-Brahim and
GLGs chief investment strategist Jamil Baz.
Coupland Cardiff Asset Management, a specialist Asian fund manager,
has launched an Irish-domiciled UCITS fund to capture domestic
consumption growth in the region. The CC Asian Evolution Fund,
which is set to launch next month, will offer investors direct access to
the regions domestic growth story via the consumer sector. Swiss banking group Syz & Co has launched a high-yield currencies
fund within the UCITS wrapper. The Oyster ForExtra Yield EUR, a new
sub-fund, seeks to take advantage of the high interest rates paid by
certain currencies.
Finnish hedge fund manager Estlander & Partners has launched a
UCITS III-compliant fund. The German-domiciled fund UCITS fund,
Estlander & Partners Freedom Fund UI, is a clone of its non-UCITS
freedom fund. It uses a combination of the companys long-term
managed futures strategies Global XL and Alpha Trend.
Absolute Return Partners will launch its first equity UCITS fund
domiciled in Dublin, subject to regulatory approval. To date, the
London-based investment managers strategy has only been made
available as an asset-management service to two family offices and
has never been offered as a fund product before.
BlueCrest is planning to shut down the $600 million UCITS version
of its multibillion-dollar BlueTrend systematic trading CTA strategy
because of fears that the tracking error between the onshore version
of the strategy and the original offshore version is about to exceed its
maximum permitted level.
Multi-manager UCITS III news
Amundi has launched its first UCITS III multimanager absolute return
fund. The fund, Amundi Funds Multimanagers Long/Short Equity, is
a new sub-fund of its Luxembourg-domiciled SICAV. The sub-fund
invests in UCITS III funds employing long/short and/or equity arbitrage
strategies, as well as volatility management.
Industry news
The majority of fees for UCITS clones are officially at least lower or
the same as their hedge fund counterparts, according to new research
from HedgeFund Intelligence. Some 46 funds have the same fees or lower
management fees and 56 have the same or lower performance fees. Only16 have higher management fees and six have higher performance fees.
Latest UCITS III developments
%
MSCI Europe - Net
HedgeFund Intelligence Global Index - Composite
HedgeFund Intelligence Global Index UCITS
EuroHedge European Equity EUR Index (Median)
EuroHedge UCITS European Equity Index (Median)
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UCITS INDICES VS EUROHEDGE EUROPEANEQUITY AND MSCI EUROPE
Medians Means
Strategy Oct-10 YTD Oct-10 YTD
Absolute UCITS European Equity Index 0.86% 1.93% 1.17% 3.84%
EuroHedge European Equity EUR Index 1.70% 4.11% 1.81% 4.86%
Absolute UCITS Single Manager Composite Index 0.78% 2.65% 1.25% 3.24%
HedgeFund Intelligence Global Index Composite 1.65% 5.66% 2.10% 7.01%
OCTOBER UCITS PERFORMANCE INDICES
EQUITY BENCHMARKS
Benchmark index Oct-10 YTD
MSCI Europe Net 3.00% 4.82%
FTSE 100 (London) 2.28% 4.85%
DAX (Frankfurt) 5.98% 10.81%
AbsoluteUCITS
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Research
UCITS-compliant hedge funds are deliver-
ing very similar performance to hedge
funds in the more established offshore
market, according to new research by
HedgeFund Intelligence. The average
tracking error between hedge funds and
their onshore counterparts for all strate-
gies is little more than 3%.
This finding follows a major firms
recent decision to close down a UCITS
version of one of its funds because the
tracking error strayed outside what it
regarded as acceptable limits. The research
accordingly suggests that this was a
relatively isolated case.
HedgeFund Intelligence looked at 62
offshore hedge funds and their onshore
UCITS counterparts and found that the
mean average tracking error since incep-
tion is 3.38%. The divergence was roughly
evenly spread between those outperform-
ing the offshore version on a monthly basis(over 52%) versus those underperforming
(over 47%).
Equities strategies had the lowest mean
average error margin, at 2.94%, while the
highest was in macro, fixed income and
futures strategies at 4.12%. The mean
average for arbitrage, event-driven, credit
and multi-strategy funds was 3.45%.
Thirty-six funds had a tracking error of
less than 3%, 14 of which were less than
1%, 13 were between 1% and 2%, and ninewere between 2% and 3%. Only four funds
had a tracking error of more than 10%.
The research also found that the majority
of fees for UCITS clones are lower or the
same as their hedge fund counterparts.
Forty-six UCITS funds have the same or
lower management fees and 56 have the
same or lower performance fees. Only 16
have higher management fees and six have
higher performance fees.
Three-quarters of the 62 hedge funds
have more assets under management
than their onshore clones.
Commenting on the research Joy
Dunbar, editor of Absolute UCITS, said:
Critics have been saying that hedge
fund UCITS are expensive because of
the associated distribution costs. But
our research actually shows very little
fee disparity.
Contrary to recent criticisms, UCITS
hedge funds tend to provide minimal
tracking error, similar fees and daily
or weekly redemption periods (as
opposed to the monthly periods that
are typical for offshore hedge funds).
Taken together with the lower barriers
to entry, this makes them a compelling
investment case.
Taken from a HedgeFund Intelligence
press release, London
UCITS mirror ofshore unds perormance
Source: HedgeFund Intelligence
0
1
2
3
4
Median
Mean
Macro, fixed incomeand utures strategies
Arbitrage, event-driven,credit and Multi strategy
Equity strategiesAll strategy
Median/mean tracking error or each strategy
Frequency o tracking error
Source: HedgeFund Intelligence
Frequency
0
3
6
9
12
15
10+9-108-97-86-75-64-53-42-31-2< 1
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The worlds leading
hedge fund database
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HedgeFund Intelligence provides the most
comprehensive hedge fund, fund of funds, and UCITSdatabase available. Linked with our extensive newsand research, subscribers can benefit from a unique
combination of quantitative and qualitative analysis.
BiggerWith over 13,000 funds listed in the database, HedgeFund Intelligence provides
the most complete source of hedge funds, and funds of funds than any data
provider*. With three specialist regional products (Asia-Pacific, Europe and the
Americas) a global fund of hedge funds and a new UCITS Absolute Return
database, the HedgeFund Intelligence database will meet your needs.
FasterUpdated weekly with (practically) all data available within four weeks of month
end, the extensive research and editorial team ensure rapid inclusion of new
funds and updates on key data points.
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The database provides dedicated, clear and detailed information on hedge funds,UCITS Absolute Return funds and funds of funds (without unnecessary multiple share
classes). Links to news and analysis provide additional information on funds and over
70 non-investable indices are available to benchmark performance.
TrustedWith an experienced and dedicated specialist team gathering and verifying the data
to ensure accuracy, this database is used by many of the industrys leading firms.
SimpleA user-friendly interface allows effortless sorting by multiple criteria including
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*Comparative information taken from public sources.
AbsoluteUCITS
To find out how we can tailor this powerful research tool to fit your requirements orfor a demonstration, please email [email protected] or contact:
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The Hedgefund Intelligence data & research team
added 93 funds to the database during October. On
the single manager side, EuroHedge added 22 new
funds, Absolute Return and AsiaHedge, 11 and nine
respectively. Out of these, more than 60% of funds
launched within the past two years. The US, London
and Hong Kong saw a number of funds added to the
database, with London and the US 12 apiece and
Hong Kong at five. Our dedicated UCITS database
Absolute UCITS saw 41 funds added.
During October, 111 funds were liquidated across
the Hedgefund Intelligence databases. Absolute
Return saw the greatest number of funds noted as
closed, at 63. EuroHedge and AsiaHedge saw 24
and six, respectively. On the single-manager side
the vast majority of these funds were based within
the US. Nearly 40% of the funds that the team
noted as liquidated last month officially closed in2010. No strategy area dominated, but a handful
of US Equity, Credit and Managed Futures funds
closed. Absolute UCITS also saw four liquidations.
Single-manager hedge funds had another strong
month during October, though still managed to
underperform its equity benchmark the MSCI
the World Index was up 2.58% for October
compared to the median return of the HFI Global
Composite up 1.65%, for the month. While hedgefunds have underperformed for October, they are
still outperforming for the year, up 5.66%
compared to the MSCI the World Indexs 4.46%.
October sees 93 new unds onstream
Data
GlobalBriefing: DataEurope
Samantha [email protected]
AmericasAmal [email protected]
Asia-PacificWing-Yung [email protected]
Fund o Hedge FundsMeera [email protected]
UCITSAmy [email protected]
For more inormation on the database and subscriptions please contact Ian Sanderson on + 44 (0) 207 779 7339 or James Barfield on + 44 (0) 207 779 7336
I you have a und which you wish to be included please contact the ollowing:
NUMBER OF NEW FUNDS ADDED TO THE HFI DATABASE DURING OCTOBER
NUMBER OF FUNDS LIQUIDATED DURING OCTOBER*
DISTRIBUTION OF PERFORMANCE
Numberoffundsaddedto
HFIdatabase
InvestHedge
Absolute Return Absolute UCITSAsiaHedge
EuroHedge
0
50
100
150
200
250
Oct-10Sep-10Aug-10Jul-10Jun-10May-10Apr-10Mar-10Feb-10
Numbe
roffundsliquidated
InvestHedge
Absolute Return Absolute UCITSAsiaHedge
EuroHedge
0
20
40
60
80
100
120
Oct-10Sep-10Aug-10Jul-10Jun-10May-10Apr-10Mar-10Feb-10
%
0
20
40
60
80
100
Oct-1
0
Sep-10
Aug-10
Jul-1
0
Jun-10
May-1
0
Apr-1
0
Mar-1
0
Feb-10
Jan-10
Dec-0
9
Nov-09
Positiv e Negative
* de-duped to exclude multiple share classes
-
8/8/2019 HFI Global Briefing - November 2010
12/12
GlobalBriefing
Nuclear-powered Thunder tops
the AR database in October
In October, Thunder Capital
Managements bets on uranium
mining companies earned the
small Clearwater, Fla. hedge fund
the top monthly return in the
AR database. The firms Thunder
Energy Partners Fund rose 28.2%
for the month.
Troubled Camulos to
liquidate portolios
Camulos Capital, which spun out
of Soros Fund Management in
2005 and managed $2.65 billion
in January 2008 at its peak, is
liquidating its flagship multi-
strategy credit fund.
Contrarian up 8% through
October, seeks secured loans
in 2011
The flagship credit fund of
$3.3 billion Contrarian Capital
Management is up 7.97% for the
year through October, having
profited from the purchase of
trade claims, European senior
debt, distressed leveraged buyout
credits, and shorts in sovereign
debt, according to an investor
presentation dated November 4.
Hazel seeks sustainable
returns rom clean energy
Hazel Capital, the clean-tech
and alternative-energy
investment firm, is running
around $135 million in a
long-only equity fund, a long/
short hedge fund dedicated
to clean-tech investing and a
venture capital fund.
Wiltshire launches credit
und with PCE Investors
Wiltshire Capital, a joint
venture with PCE Investors,
is backed by nabInvest,
National Australia Banks
direct asset management
business. Wiltshire will invest
across European corporate
debt markets.
CQS starts share ofering
or multi-strat DiversifiedFund listing
CQS, the $8.2 billion alterna-
tive asset manager, has started
the placing and offer for
subscription of shares in the
new stockmarket-listed feeder
fund vehicle for its well-per-
forming CQS Diversified
multi-strategy fund.
Coupland Cardif steps
into Asia via Singapore
London-based Coupland
Cardiff Asset Management,
which runs $600 million,
has opened an office in
Singapore, which coincides
with the launch of its
UCITS-compliant CC Asian
Evolution Fund.
Credit Suisses star prop
trader readies spin-out
Charlie Chan Wai Kheong, the
Singapore-based star FX and
credit trader is spinning out
along with his former CS team
in Q1 2011 to form his own
hedge fund outfit, Charlie Chan
Capital Partners.
Asian corporates eye hedge
unds or capital, says BNY
Mellon surveyAn increasing number of
companies are meeting with
hedge funds with a view to
attracting investment
capital, although businesses
in Asia remain wary of the
shorting risks involved,
according to a Bank of New
York Mellon survey.
NY States hedge und head
joins SkyBridge
SkyBridge Capital, which has
$7 billion under management
or advice, has hired Peter
Carey, former director of
absolute return strategies for
the New York State Common
Retirement Fund.
Texas seeks hedge und
advice
The $21.5 billion Texas
Employees Retirement System
is moving forward with a
hedge fund action plan
following the release of a
request for proposal for a
hedge fund consultant/advisor.
Liongates manager turnover
beats strategy churn
For the first time since
Liongate Capital Management
was started in 2003, manager
turnover has exceeded
strategy turnover. In June
2009, the fund of hedge
funds, which has $2.8 billion
under management, held
45 managers in the portfolio
and, by September 2010,
there were 43.
Latest WEEKLY news
Compiled by head o research & data
Damian Alexander
Research and data teamAmericas: Amal Robleh
Europe: Samantha Munday
Asia-Pacific: Wing Yung Lok
Funds o Funds: Meera Mehta
UCITS: Jack Young
Managing editor Neil [email protected]
Production Mark Hills-Haney/Loveday Cuming
Group publisher John Willis
Managing director John Orchard
Subscription sales
US Matt Colbeck
+1 212 224 3568
Europe Shaun Rajiah
+44 (0) 20 7779 8367
Asia Robert Ball
+852 2842 6996
Customer Services+44 (0) 20 7779 8610
Database and directory sales
US/Europe Ian Sanderson
+44 (0) 20 7779 7339
US/Europe James Barfield
+44 (0) 20 7779 7336
Asia Robert Ball
+852 2842 6996 1473-3153
Email [email protected]
Telephone +44 (0) 20 7779 7330
Fax +44 (0) 20 7779 7331
Published by HedgeFund Intelligence, Nestor House,Playhouse Yard, London EC4V 5EX
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