Tuesday, March 9, 2010
U.S. Dollar Favorite Currency Investment of Hedge Fund Managers in Near Term; Few Fund Managers Expect Greek Sovereign Debt Crisis to Lead to Destruct
New York, NY – March 9, 2010 – TrimTabs Investment Research and BarclayHedge reported that the U.S. dollar is the currency on which hedge fund managers are most bullish in the near term. Six in 10 fund managers cite the greenback as their preferred currency investment over the next three months, according to the February TrimTabs/BarclayHedge Currency Survey of Hedge Fund Managers.
“The debt crisis in Greece, the creditworthiness of other countries in Europe, and the U.S. dollar rally have market participants focused on currencies,” said Vincent Deluard, Global Equity Strategist at TrimTabs. “We think currencies will dominate other investment themes throughout 2010.”
Read the entire TrimTabs Asset Flows into Hedge Funds Press Release by clicking here.
Labels: BarclayHedge press release, CTA, flows into CTAs, flows into hedge funds, hedge fund flows, hedge fund research, hedge funds
Monday, March 8, 2010
Hedge Funds Post Inflow of $7.1 Billion in January; Hedge Fund Assets Stand at $1.5 Trillion
New York, NY – March 8, 2010 – TrimTabs Investment Research and BarclayHedge reported that all hedge funds posted an estimated inflow of $7.1 billion, or 0.5% of assets, in January 2010. Total hedge fund assets stand at $1.5 trillion, up 23.6% from the April 2009 low, thanks to an unprecedented 11-month winning streak.
“January bucked the trend,” said Sol Waksman, CEO of BarclayHedge. “The first month of the year typically delivers a redemption-driven outflow. The fact that hedge funds managed to attract money is a good sign.”
Read the entire TrimTabs Asset Flows into Hedge Funds Press Release by clicking here.
Labels: BarclayHedge press release, CTA, flows into CTAs, flows into hedge funds, hedge fund flows, hedge fund research, hedge funds
Friday, March 5, 2010
Fund Launches
From the March 2010 issue of Barclay's Insider Report. Accredited investors can subscribe to the full newsletter for free.
Labels: CTA, hedge funds, New Fund Launches
The TrimTabs/BarclayHedge Currency Survey of Hedge Fund Managers
The Greek sovereign debt crisis and the U.S. dollar rally have drawn attention to currencies in the past month. We expect currencies to dominate other investment themes throughout 2010. Massive government spending and extreme monetary policy choices halted the 2008 crisis, but they also dramatically altered government balance sheets and monetary outlooks. We believe the market will adjust to these new realities through trial and error.
We surveyed hedge fund managers and currency traders in the BarclayHedge database about their expectations for the currency market. Specifically, we asked about their favorite currency in the short term, their opinion of the Greek debt crisis, and their view on long-term U.S. interest rates.
Our findings . . .
Accredited investors can read the entire article for free.
From the March 2010 issue of The Hedge Fund Flow Report. The Hedge Fund Flow Report combines the accuracy of the BarclayHedge database with the analytical insight of TrimTabs Investment Research. The report is generated by TrimTabs Investment Research using the most current data on thousands of hedge funds. An annual subscription includes 12 monthly updates as well as a spreadsheet containing historical flow aggregates by category.
To download a free sample of the entire TrimTabs Hedge Fund Flow Report, simply fill out this short request form.
Labels: CTA, Hedge Fund Flow Topical Study, hedge funds
Tuesday, February 9, 2010
Hedge Funds Post Outflow of $3.8 Billion in December; Hedge Fund Assets Hit 12-Month High of $1.5 Trillion
New York, NY – February 9, 2010 – TrimTabs Investment Research and BarclayHedge reported that all hedge funds posted an estimated outflow of $3.8 billion in December 2009. December’s outflow is the industry’s first since July 2009. At the same time, hedge fund assets grew to a 12-month high of $1.5 trillion thanks to an unprecedented 10-month winning streak.
“December’s relatively small outflow is almost certainly seasonal, a product of quarter-end and year-end redemptions,” said Sol Waksman, CEO of BarclayHedge. “Hedge funds experienced outflows in December in each of the past five years, and we suspect inflows have already resumed.”
In addition, funds of hedge funds posted an estimated outflow of $6.3 billion in December, bringing redemptions for all of 2009 to $180.9 billion. Funds of funds returned only 10.24% in 2009, less than half of the industry’s average 23.9% gain. “Funds of hedge funds turned extremely risk-averse after the late 2008 sell-off,” said Vincent Deluard, Global Equity Strategist at TrimTabs. “Their conservative strategy allocation and large cash balances hurt their returns during this rebound.”
Read the entire TrimTabs Asset Flows into Hedge Funds Press Release by clicking here.
Labels: BarclayHedge press release, CTA, flows into CTAs, flows into hedge funds, hedge fund flows, hedge fund research, hedge funds
December Hedge Fund and CTA Performance
Commodity Trading Advisor performance for December as measured by the Barclay CTA Index averaged -1.50%. January's estimate based on the performance of the Barclay BTOP50 Index is -1.55%.
Hedge Fund Indices Managed Futures Indices
From the February 2010 issue of Barclay's Insider Report. Accredited investors can subscribe to the full newsletter for free.
Labels: Barclay Insider Report, commodity trading advisor, CTA, hedge fund performance
Monday, February 8, 2010
Fund Launches
- 3 Degrees Credit Opportunities Fund
- Brasada Strategic Growth Fund, LP
- Brasada Value Opportunities Fund, LP
- Cirrus Capital Management, LLC
- Crystal Capital International Fund SPC
- CSHG Fix Fund
- Diversified Dynamic Solution Fund
- Faulkner Capital FX; Metals & Mining
- Montague Financial (S&P Abs Return)
- Permian Fund, L.P.
- Stella Capital Al-Aqarat Fund, LP
- Stella Capital Real Estate Opportunity
- Straight Line Opportunity, L.P.
- VOC Commodity Alpha
From the February 2010 issue of Barclay's Insider Report. Accredited investors can subscribe to the full newsletter for free.
Labels: CTA, hedge funds, New Fund Launches
Friday, February 5, 2010
Do Hedge Fund Investors Care About “Fat-Tails” Risk?
Many academic studies teach; and the collapse in equity prices in 2008 reminds, that hedge funds are subject to brutal sell-offs one would not expect looking solely at the mean and variance of their historical returns. Kurtosis measures the risk of a highly implausible event coming to pass more frequently than one would expect from a normally distributed variable. Nassim Taleb popularized this notion in The Black Swan, his well-timed 2007 book.
We used the BarclayHedge database to measure the kurtosis of hedge fund returns and how it impacts hedge fund flows. We were especially interested to know if kurtosis is priced in, or if non-normal returns offer arbitrage opportunities for sophisticated investors.
We believe this study supplements the existing literature for three reasons:
Its simplicity - Our goal was not to run a battery of complex econometric tests on the data, but rather 1. to see whether hedge fund investors can hedge themselves from the problem of kurtosis. . . .
Accredited investors can read the entire article for free.
From the February 2010 issue of The Hedge Fund Flow Report. The Hedge Fund Flow Report combines the accuracy of the BarclayHedge database with the analytical insight of TrimTabs Investment Research. The report is generated by TrimTabs Investment Research using the most current data on thousands of hedge funds. An annual subscription includes 12 monthly updates as well as a spreadsheet containing historical flow aggregates by category.
To download a free sample of the entire TrimTabs Hedge Fund Flow Report, simply fill out this short request form.
Labels: CTA, Hedge Fund Flow Topical Study, hedge funds
Tuesday, January 12, 2010
Fund Launches
- A2M Lion Fund
- AN Commodity Fund
- APAC APEMM
- Belltower Fund
- CAM Distressed/Credit Opportunities Fund
- FCP Finalties Equities (UCITS3)
- Galloway Global Fixed Income Fund
- Global Wealth STP
- Herschel Absolute Return Fund
- KeyPoint Real Estate Opportunity Fund LP
- Lionhart Enhanced Opportunities Fund Ltd
- MAG MA2 Fund, LP.
- Merrant Select Market Neutral
- Northlight European Fundamental Credit
- Ocean Capital China Macro Fund
- Point Defiance Microcap Fund
- Quest Brazil Equity Fund
- SEAL Capital Global Strategy
- The Deuce
- Tradex Global Liquid 50 Portfolio
- YA Global Investments II Ltd
From the January 2010 issue of Barclay's Insider Report. Accredited investors can subscribe to the full newsletter for free.
Labels: CTA, hedge funds, New Fund Launches
November Hedge and CTA Performance
Commodity Trading Advisor performance for November as measured by the Barclay CTA Index averaged +2.28%. December's estimate based on the performance of the Barclay BTOP50 Index is -2.34%.
Hedge Fund Indices Managed Futures Indices
From the January 2010 issue of Barclay's Insider Report. Accredited investors can subscribe to the full newsletter for free.
Labels: Barclay Insider Report, commodity trading advisor, CTA, hedge fund performance
Creative Destruction in the Hedge Fund Industry
Three main factors impact the size of the hedge fund industry - its returns, the flows into existing funds and the net creation (or liquidation) of hedge funds. Since we comment regularly on hedge fund flows and returns, we focused on hedge fund creations and liquidations.
We found that:
- The hedge fund industry lives in a very Darwinian world, i.e. 6.5% of hedge funds (in terms of assets) disappear every year while 6.9% are created. At this pace, it takes only 15 years to fully replace the hedge fund industry.
- The pace of hedge fund creation has slowed as the industry has matured. Fund launches represented 4.1% of hedge fund assets in 2008 and 2009, against 10.5% in 2002 and 2003.
- In terms of assets, liquidations have exceeded new fund launches in each of the past four years.
- 2009 was the worst year on record for fund launches. Fewer funds were launched and they started with far fewer assets (an average of $452 million …
Accredited investors can read the entire article for free.
From the January 2010 issue of The Hedge Fund Flow Report. The Hedge Fund Flow Report combines the accuracy of the BarclayHedge database with the analytical insight of TrimTabs Investment Research. The report is generated by TrimTabs Investment Research using the most current data on thousands of hedge funds. An annual subscription includes 12 monthly updates as well as a spreadsheet containing historical flow aggregates by category.
To download a free sample of the entire TrimTabs Hedge Fund Flow Report, simply fill out this short request form.
Labels: CTA, Hedge Fund Flow Topical Study, hedge funds
Friday, January 8, 2010
Barclay BTOP FX Index Components Chosen for 2010; 12 Currency Traders to Provide Daily Data
FAIRFIELD, Iowa, January 8, 2010 – BarclayHedge announced today the names of the twelve currency programs that will comprise the Barclay BTOP FX Index for the year 2010.
Launched in January 2005, the BTOP FX is the first daily index of currency traders and has monitored selected trader’s returns on a daily basis for the past five years.
“The BTOP FX Index seeks to replicate the overall composition of the currency sector of the managed futures industry with regard to trading style and overall market exposure,” says Sol Waksman, founder and president of BarclayHedge.
Read the entire Managed Futures Press Release by clicking here.
Labels: BarclayHedge press release, commodity trading advisor, CTA, managed futures
Tuesday, December 8, 2009
Fund Launches
From the December 2009 issue of Barclay's Insider Report. Accredited investors can subscribe to the full newsletter for free.
Labels: CTA, hedge funds, New Fund Launches
Has There Been Excessive Speculation in the US Oil Futures Markets?
In her paper she examines whether speculative position-taking has been excessive relative to commercial hedging needs in the exchange-traded oil derivatives markets over the past three years.
Download the full article here.
From the December 2009 issue of Barclay's Insider Report. Accredited investors can subscribe to the full newsletter for free.
Labels: Barclay Insider Report, Barclay Insider Report Guest Article, commodities, commodity trading advisor, CTA, managed futures
Monday, December 7, 2009
Analysis of the Smattering of Hedge Funds that Posted Positive Returns in 2008 and 2009
We have observed in previous studies that there was a dramatic mean reversion in hedge fund returns over the past two years. In this study, we focus on the handful of funds that outperformed their peers in both years. What are the common characteristics of these “star performers?” Is it possible to identify them ex ante?
We found that:
- Less than 13% of all hedge funds posted positive returns in both 2008 and 2009. The bulk of hedge funds (68%) posted losses in 2008 and gains in 2009.
Accredited investors can read the entire article for free.
From the December 2009 issue of The Hedge Fund Flow Report. The Hedge Fund Flow Report combines the accuracy of the BarclayHedge database with the analytical insight of TrimTabs Investment Research. The report is generated by TrimTabs Investment Research using the most current data on thousands of hedge funds. An annual subscription includes 12 monthly updates as well as a spreadsheet containing historical flow aggregates by category.
To download a free sample of the entire TrimTabs Hedge Fund Flow Report, simply fill out this short request form.
Labels: CTA, Hedge Fund Flow Topical Study, hedge funds
Wednesday, November 25, 2009
Emerging Markets Funds Rally; Fair Value or a New Bubble?
From the Fourth Quarter, 2009 issue of Barclay Managed Funds Report. The full report also includes 24 hedge fund and managed futures performance ranking tables and in-depth manager profiles. Subscribe. View Roundtables from back issues.
Oh, what a difference a year can make! This time last year the global markets were on the verge of Armageddon, and investors could not pull their capital out of any risk-based asset class fast enough, let alone one of the riskiest asset classes,
emerging markets.
The aggregate emerging markets were hit particularly hard, with equity losses of more than 50% on $50 billion of fund outflows. It would seem that investors had finally had enough of the frivolous risk taking that has all too often driven many
a market to bubbly proportions. Fast forward nine months, however, and emerging
market equities have advanced more than 60% year-to-date through September, and fund inflows have returned to a breakneck pace. It’s not overly evident where the steam for this recent rally is coming from – whether it’s the few trillion dollars of global stimulus spending, a serious case of investor amnesia, or a sense of urgency to win back the investment losses from 2008.
Perhaps the emerging markets were just simply oversold and may not be susceptible
to the lingering economic downturn and eventual hangover effects of a few trillion dollars’ worth of debt. Whatever the cause, it appears that the emerging markets are set to post spectacular returns for all of 2009, although a keen eye may be critical to determine the inflection point between fair value and a new and improved bubble. To review the opportunities and risks in emerging market investments, we have assembled a panel of experts with hands on experience in the sector. Our panel includes:
Ajay G. Jani, Gramercy LLC
Gavin Joubert, Coronation Fund Managers
Ian McCall, MSc, Argo Group Limited
The complete article will be available on the BarclayHedge.com website in February 2010. Subscribe to receive each issue of the Barclay Managed Funds Report as it comes out.
Labels: Barclay Managed Funds Report, CTA, hedge fund performance, hedge funds
Thursday, November 19, 2009
Fund Launches
- Aperio Master Multi-Trading Ltd.
- Artemis Capital Investors, L.P.
- Auriel European Eq Strategy
- Rotella TEXO
- The NEAS Power Fund
From the November 2009 issue of Barclay's Insider Report. Accredited investors can subscribe to the full newsletter for free.
Labels: CTA, hedge funds, New Fund Launches
Tuesday, November 10, 2009
September Hedge Fund and CTA Performance
Commodity Trading Advisor performance for September as measured by the Barclay CTA Index averaged +0.97%. October's estimate based on the performance of the Barclay BTOP50 Index is -1.31%.
Hedge Fund Indices Managed Futures Indices
From the November 2009 issue of Barclay's Insider Report. Accredited investors can subscribe to the full newsletter for free.
Labels: Barclay Insider Report, commodity trading advisor, CTA, hedge fund performance
Friday, November 6, 2009
Overview of 13F Filings for 2009 Q2
The topical study from the November 2009 issue of The Hedge Fund Flow Report. Gain insight into industry trends and hedge fund asset flows before you make your next important decision.
This week, we processed and analyzed 13F filings for the second quarter of 2009. 13F filings are filed by all large investment advisors and contain their equity positions.
We found that:
The top 100 institutional advisers overweighted Industrials in the second quarter. In addition, they rebalanced heavily towards Financials and Consumer Discretionary, which could explain the strong performance in those sectors.
The top 85 hedge funds continue to overweight Health Care stocks and underweight Consumer Staples stocks. . . .
Accredited investors can read the entire article for free.
From the November 2009 issue of The Hedge Fund Flow Report. The Hedge Fund Flow Report combines the accuracy of the BarclayHedge database with the analytical insight of TrimTabs Investment Research. The report is generated by TrimTabs Investment Research using the most current data on thousands of hedge funds. An annual subscription includes 12 monthly updates as well as a spreadsheet containing historical flow aggregates by category.
To download a free sample of the entire TrimTabs Hedge Fund Flow Report, simply fill out this short request form.
Labels: CTA, Hedge Fund Flow Topical Study, hedge funds
Friday, October 9, 2009
Are We There Yet? How Many Hedge Funds Are Reaching New High Water Marks?
In March, we predicted that hedge fund revenues would drop 67% in 2009 because hedge funds were far off their high water marks. The recent rally has made our estimate too conservative. It seems that the industry has almost climbed back to its pre-Lehman levels.
In this study, we find that:
Hedge funds are now only 8.9% off their high water mark compared to a 17.2% gap in November 2008.
A robust 22.2% of hedge funds reached new high water marks in August, but more than half of the industry is still “working for free (other than the usual management fee).”
Relatively few hedge funds are at high water marks despite the industry’s record run in the past six months, because the biggest winners this year were last year’s biggest losers. . . .
Accredited investors can read the entire article for free.
From the October 2009 issue of The Hedge Fund Flow Report. The Hedge Fund Flow Report combines the accuracy of the BarclayHedge database with the analytical insight of TrimTabs Investment Research. The report is generated by TrimTabs Investment Research using the most current data on thousands of hedge funds. An annual subscription includes 12 monthly updates as well as a spreadsheet containing historical flow aggregates by category.
To download a free sample of the entire TrimTabs Hedge Fund Flow Report, simply fill out this short request form.
Labels: CTA, Hedge Fund Flow Topical Study, hedge funds
Friday, September 11, 2009
Last Year’s Biggest Losers Outperform Dramatically This Year
Hedge funds posted their best seven month performance in our records, gaining 16.3% through July 2009. On average, the hedge fund industry stands only 11% below its May 2008 peak.
Were these gains widely spread across all hedge funds, or did last year’s losers rebound more sharply than the funds which avoided the sell-off? How much of this year’s gains can be attributed to risk-taking?
In this study, we found that . . . .
Accredited investors can read the entire article for free.
From the September 2009 issue of The Hedge Fund Flow Report. The Hedge Fund Flow Report combines the accuracy of the BarclayHedge database with the analytical insight of TrimTabs Investment Research. The report is generated by TrimTabs Investment Research using the most current data on thousands of hedge funds. An annual subscription includes 12 monthly updates as well as a spreadsheet containing historical flow aggregates by category.
To download a free sample of the entire TrimTabs Hedge Fund Flow Report, simply fill out this short request form.
Labels: CTA, Hedge Fund Flow Topical Study, hedge funds
Tuesday, August 11, 2009
How Hedge Fund Drop-Outs Affect Measurable Industry Returns
The continued out performance of hedge funds has puzzled academics for a long time. Tenants of the efficient market’s hypothesis believe that this anomaly is due to survivorship bias, as liquidated funds get dropped out of hedge fund databases.
Fortunately, BarclayHedge keeps records of the funds that have stopped reporting to them, enabling us to estimate the bias arising from hedge fund drop-outs.
In this study, we found that . . . .
Accredited investors can read the entire article for free.
From the August 2009 issue of The Hedge Fund Flow Report. The Hedge Fund Flow Report combines the accuracy of the BarclayHedge database with the analytical insight of TrimTabs Investment Research. The report is generated by TrimTabs Investment Research using the most current data on thousands of hedge funds. An annual subscription includes 12 monthly updates as well as a spreadsheet containing historical flow aggregates by category.
To download a free sample of the entire TrimTabs Hedge Fund Flow Report, simply fill out this short request form.
Labels: CTA, Hedge Fund Flow Topical Study, hedge funds
Tuesday, July 7, 2009
Hedge Fund Liquidations Slow to $19 Billion in Q1 2009
Estimating hedge fund assets has become a lot harder after last year’s market debacle. Many of the funds which reported to public hedge fund databases stopped disclosing their assets and returns because their performance was no longer marketable. In addition, an unknown number of funds have been liquidated.
To address this issue, BarclayHedge surveys all hedge funds which stopped reporting and asks them whether they were liquidated.
Reporting problems were most acute in the fourth quarter of 2008, with a drop rate of 8.4%.
In order to estimate overall hedge fund liquidations, we assumed that half of the funds that elected not to report or could not be contacted were liquidated.
In this study, we found that . . . .
Accredited investors can read the entire article for free.
From the July 2009 issue of The Hedge Fund Flow Report. The Hedge Fund Flow Report combines the accuracy of the BarclayHedge database with the analytical insight of TrimTabs Investment Research. The report is generated by TrimTabs Investment Research using the most current data on thousands of hedge funds. An annual subscription includes 12 monthly updates as well as a spreadsheet containing historical flow aggregates by category.
To download a free sample of the entire TrimTabs Hedge Fund Flow Report, simply fill out this short request form.
Labels: CTA, Hedge Fund Flow Topical Study, hedge funds
Monday, June 15, 2009
In the Midst of Market Meltdown, CTAs Gain 14% in Best Year Since 1990
From the Second Quarter, 2009 issue of Barclay Managed Funds Report. The full report also includes 24 hedge fund and managed futures performance ranking tables and in-depth manager profiles. Subscribe. View Roundtables from back issues.
2008 was a year not soon enough forgotten as a continued global banking crisis and deepening recession propelled the financial markets toward near lockdown. With market volatility at historical highs and liquidity close to nonexistent, there were few places for investors to hide as the equity markets lost nearly one-third of their value, investment-grade and high-yield credits both ended the year in negative territory, non-US markets followed suit, and even the once skyrocketing commodities markets plummeted. Obviously, directional investing was a painful experience, unless you were among the brave few to maintain a net-short portfolio.
Arbitrageurs fared just as poorly, as every imaginable spread relationship was confounded by global deleveraging and a flight to safety. Yet through all of the chaos and value erosion, one segment of the alternative investment universe forged ahead, redefining the concept of uncorrelated returns.
Enter Commodity Trading Advisors (CTAs), which as a group, earned a +14% return in 2008. While results varied, no matter how you sliced it and diced it – discretionary, systematic, focused, diversified, etcetera – most managers defied the investment universe and posted positive returns for the year. So with a phenomenal year behind them and some evidence of the beginning of normalcy in the world’s capital markets, is there still a case for allocating to CTAs over the next 12 to 18 months? To answer this question and review the CTA landscape in more detail, we’ve assembled a panel of distinguished and seasoned practitioners. Our panel includes:
Kevin M. Heerdt, Campbell & Company, Inc.
Jaffray Woodriff, Quantitative Investment Management, LLC.
The complete article will be available on the BarclayHedge.com website in August 2009. Subscribe to receive each issue of the Barclay Managed Funds Report at it comes out.
Labels: Barclay Managed Funds Report, Barclay Roundtable, CTA
Friday, June 12, 2009
How Far are Hedge Funds from their High-Water Marks?
The average hedge fund in the BarclayHedge database gained 4.9% from January to April following a 24.2% loss in 2008. We believe the average distance from high-water mark is a good complement to hedge funds returns. The average distance from the high-water mark is especially important to predict hedge fund revenues because most hedge funds can only collect their performance fees if it is exceeded. Also, the average distance from the high-water mark is a good indication of the time it will take for hedge fund investors to get back even.
In this study, we found that:
- The hedge fund industry was 17.14% below its high-water mark in April 2009.
- Assuming hedge funds returns come back to their long-term average, it should take around 3 years for the industry to make up these losses.
- Convertible Arbitrage funds are the closest to their high-water marks, while Equity Long Only funds are still 39.9% below their performance peaks.
- 12.4% of hedge funds reached . . . .
Accredited investors can read the entire article for free.
From the June 2009 issue of The Hedge Fund Flow Report. The Hedge Fund Flow Report combines the accuracy of the BarclayHedge database with the analytical insight of TrimTabs Investment Research. The report is generated by TrimTabs Investment Research using the most current data on thousands of hedge funds. An annual subscription includes 12 monthly updates as well as a spreadsheet containing historical flow aggregates by category.
To download a free sample of the entire TrimTabs Hedge Fund Flow Report, simply fill out this short request form.
Labels: CTA, Hedge Fund Flow Topical Study, hedge funds
Wednesday, May 13, 2009
U.K. Hedge Fund Industry Hit Hardest by Financial Crisis
Singapore and Chinese Hedge Funds Perform Best Since 2000
With the bulk of massive hedge fund redemptions presumably behind us, we can estimate which countries, cities, and U.S. states were the relative losers and winners of the financial crisis.
Are the fears of London taking the lead over New York justified? Do returns differ significantly across countries and cities? In this report, we find:
- New York increased its lead as the hedge fund industry capital.
- “Incumbents” benefited the most as bigger hedge funds held up better than smaller funds.
- Since June 2008, redemptions have been 2.5 times greater for British funds than for New York funds. . . .
Labels: CTA, Hedge Fund Flow Topical Study, hedge funds
Tuesday, April 14, 2009
We Expect Hedge Fund Revenues to Plummet to $30.4 Billion in 2009
With the hedge fund boom over, we are measuring the impact of the bust. . .
Performance related revenues drop to $21.1 billion in 2008 from $55.8 billion in 2007. Performance fees fell to a record low of 0.1% of hedge fund assets in Q3 2008.
Performance fee models must take into account "high-water mark" provisions, which require many funds to return to a previous peak before collecting a performance fee. Hence, performance fees are not a linear function of assets under management and returns. They depend on the path of prior returns and the distributions of current returns. Theoretically, performance related revenue can remain strong even in periods of bad returns. . .
Labels: CTA, Hedge Fund Flow Topical Study, hedge funds
Tuesday, March 17, 2009
We Estimate Hedge Fund Liquidations of $268 Billion (13.6% of Assets)
Estimates of the hedge fund industry size, which was widely assumed to be around $2.0 trillion in December 2007, varied dramatically in the last quarter of 2008. HedgeFund Intelligence estimated that hedge funds assets fell to $1.8 trillion in December 2008, Hedge Fund Research estimated assets fell to $1.4 trillion.
Reporting rate plummets in the fourth quarter. We estimate that 71.5% of the funds which stopped reporting were liquidated.
As of December 2007, 1,999 hedge funds and 1,152 funds of hedge funds reported their assets and returns to BarclayHedge. By December 2008, only 1,457 hedge funds and 840 funds of hedge funds still disclosed their data. We surveyed the funds which stopped reporting. In terms of assets, 71.5% of the funds which stopped reporting were liquidated, 13.7% elected not to report their assets to BarclayHedge and 14.8% did not return our calls . . .
Labels: CTA, Hedge Fund Flow Topical Study, hedge funds
Monday, January 12, 2009
Have Hedge Fund Investors Become More Sensitive to Management Fees?
With trading losses and redemptions shriveling the assets managed by hedge funds, we decided to take a closer look at hedge fund fees. Is the current crisis helping lower-fee funds? How sensitive are hedge fund returns to management fees?
Funds with fees between 1% and 2% gain market share at the expense of very low fee funds over the past eight years. There is no evidence of a shrinkage of higher fee funds.
Two trends emerged over the past eight years . .
Labels: CTA, Hedge Fund Flow Topical Study, hedge fund research, hedge funds
Tuesday, October 21, 2008
6,700 BarclayHedge Fund Profiles at No Cost
Labels: CTA, FoF, free, funds of hedge funds, hedge fund performance, hedge fund research, hedge funds
Thursday, August 7, 2008
Time Frames, Research Quality and Strategy: The Differentiating Factors for CTAs?
Examines the roles played by factors such as a CTA’s time frame for trades, trading strategy, and quality of in-house research in affecting manager returns.
Download the full article here
From the April 2008 issue of Barclay's Insider Report. Accredited investors can subscribe to the full newsletter for free.
Labels: Barclay Insider Report, Barclay Insider Report Guest Article, CTA
Wednesday, February 6, 2008
Time Frames, Research Quality and Strategy: The Differentiating Factors for CTAs?
Examines the roles played by factors such as a CTA’s time frame for trades, trading strategy, and quality of in-house research in affecting manager returns.
Download the full article
From the February 2008 issue of Barclay's Insider Report. Accredited investors can subscribe to the full newsletter for free.
Labels: Barclay Insider Report, CTA, hedge fund research
Copyright © 2009 by Barclay Hedge
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