ROUNDTABLE DISCUSSIONS
2008
- Soaring Commodity Prices Coupled
with Fed Easing Fuels Inflation
Supply/Demand Imbalances May Only be Part of
the Ptroblem; Is the Weak Dollar Also to Blame? - FoFs Side Step Landmines and Post
Market Beating Returns for 2007
Will Funds Migrate Toward More Liquid Strategies
as Liquidity Dries Up in Some Credit Sectors?
Quarter 2, 2008
Quarter 1, 2008
2007
- Sub Prime Rubble Puts New Shine
on Investing in Distressed Assets
Opportunities Present in Today's Environment
May be Comparable to Enron Debacle in 2002 - CTAs Gain as Trending Markets
in Q2 Increase AUM to $182 Bil.
Long Vol Strategies Provide Attractive
Returns if Investors Accept Higher Volatility - Creditworthy Firms Tap "PIPES"
To Achieve Financing Objectives
Insurance on the Rise as Regulators Clarify Rules
and Investor Base Expands to Include Mutual Funds - 9.33% Return From FoFs in 2006
Mirrors Ten-Year Average of 9.40%
Merger Arbitrage is on the Front Burner Once
Again as M&A Activity is Fueled by Private Equity
Quarter 4, 2007
Quarter 3, 2007
Quarter 2, 2007
Quarter 1, 2007
2006
- Currency Fund Returns Decline but
Interest in Sector Increases
Astute Investors Seem More WIlling to Buy Low
and Make Strategic Bet Rather That Case Returns - Merger Arbitrage Once Again A Top
Performer After Years of Neglect
As Interest Rates Rise and Acquisitions Abound,
Returns to Sector Continue to Increase - Searching for Higher Returns, Investors Book
Passage to India
A Low Cost Structure Coupled with English
Language Skills Provides Attractive Milieu - Average FoF Gains 6.85% in 2005
Emerging Markets on Fire, + 22.3%
Investor Risk Appetite on Rise as Money Moves
From Low Risk to Higher Return Strategies
Quarter 4, 2006
Quarter 3, 2006
Quarter 2, 2006
Quarter 1, 2006
2005
- Energy Based Funds Attracting Investors
as Oil Prices Rise - Global Demand Continues to
Increase Even as Replacement Reserve
Growth Decreases - Rapid Growth in Assets Creates Capacity Issues
for Investors
FoFs Look to Emerging Managers & Startups to
Increase Portfolio Returns and Add Alpha - Investors Search for Diversity as Fixed Income
Spreads Compress - CDOs Allow Investors to
Specify Levels of Acceptable Asset Quality and Default Risk - Large Hedge Fund Inflows Raise "Bubble" Concerns in the Media - Some Arbitrage Strategies
Fall Out of Favor While Others Post Double Digit Returns
Quarter 4, 2005
Quarter 3, 2005
Quarter 2, 2005
Quarter 1, 2005
2004
- Multi-Strategy Funds Continue to Attrack
Risk Averse Investors - Ability to Rapidly
Shift Assets to Exploit Pricing Inefficiencies is
Considered an Edge - Asset Based Lending Strategies Currently
Gaining in Popularity - Focus on Asset Value
Rather than Credit Quality Provides Additional
Diversification - Long/Short Japan Funds Attract Investor
Interest and Assets - End of Prolonged Bear
Market Provides Undervalued Opportunities
Across Sectors - Double Digit Returns
and Record Inflows Boost FoFs: Investor Appetite for Long/Short Strategies
Increase Even as Share Prices Rise Sharply
Quarter 4, 2004
Quarter 3, 2004
Quarter 2, 2004
Quarter 1, 2004
2003
- Weather Derivatives & CAT Bonds Attracting
Hedge Fund Interest - Unique Set of Risks and
Rewards Provides Exposures Uncorrelated to
Financial Markets - Cap Structure Arb Gains Acceptance as Stand-
Alone Investment Strategy - Increasing
Complexity of Capital Structures Helps to
Create Exploitable Inefficiencies - Collateralized Fund Obligations Enhance
Investment Alternatives - Reduce Cost of
Borrowing Coupled with Credit Ratings Create
Attractive Options - FOFs Deliver Absolute Returns During the
3-Year Bear Market - Key Hedge Fund Sectors
Incur Losses, Yet FOFs Sustain Profitability for
Another Year
Quarter 4, 2003
Quarter 3, 2003
Quarter 2, 2003
Quarter 1, 2003
2002
- Managed Futures' Double Digit Returns Spark
Investor Interest - Hedge Fund Investors
Reassess How to Enhance Portfolio
Diversification Benefits - Activist Investors Strive to Realize Value of
Their Targets - Improving Corporate
Governance Results in Higher Share Prices
for Investors - Traditional Long-Only Managers Move into
Hedge Fund Arena - Lack of Experience
with Short-Sales and Leverage Are Major
Investor Concern - FOFs Deliver on Their Promise to Provide
Absolute Returns - Two Years of Falling
Equity Markets Increases Investor Interest
in Hedge Finds
Quarter 4, 2002
Quarter 3, 2002
Quarter 2, 2002
Quarter 1, 2002
2001
- Fixed-Income Arbitrage Has Appeal in
Uncertain Market Steep Yield Curve
Increases Returns to this Set of Market
Neutral Strategies - Distressed Investing Gains Favor as Defaults
Increase Distressed Securities Managers
Discuss Tactics to Exploit Market Opportunities - Investor Preferences Shift: Convertible Arb
Gains Favor Four Respected Convert Arb
Managers Share Their Insights and Strategy - Hedge Funds Demonstrate Value-Added in
Down Market Funds are Forced to Evaluate
Capacity Constraints as Assets Continue
to Increase
Quarter 4, 2001
Quarter 3, 2001
Quarter 2, 2001
Quarter 1, 2001
2000
- Recent CTA Underperformance Tests Investor
Patience Asset Allocators Are Working
Overtime to Manage Portfolio Volatility - Option Sellers Score High Sharpe Ratios,
But No Equity Superior Risk/Returns Are
Unable to Overcome Investor Prejudice - CTAs Begin Trading of Stocks For Customer
Portfolios Momentum Approaches Start to
Gain Acceptance Among Equity Investors;
Advantages for U.S. Fund Investors - Better Benchmarks Promote Institutional
Investment Long-only Indices and Manager
Universes Provide Limited Relevance to
Investors; Advantages for US Fund Investors
Quarter 4, 2000
Quarter 3, 2000
Quarter 2, 2000
Quarter 1, 2000
1999
- Y2K Concerns Potentially More Disruptive
Than Bugs Hoarding of Cash and Supplies
Creating Risk of Bank Runs and Bottlenecks - Electronic Trading Challenges Dominance
of Open-Outcry US Futures Exchanges Follow
Europe’s Lead & Move To Electronic
Enhancements - Converting Fund Units into Equity Yields Tax
Benefits Offshore Insurance Companies
Provide Possible Advantages to US Fund
Investors - Total Return Portfolios Raise Allocations to
Alternatives Alternative Investments Are
Shown To Enhance Portfolio Risk/Reward
Profiles
Quarter 4, 1999
Quarter 3, 1999
Quarter 2, 1999
Quarter 1, 1999
1998
- Hedge Funds Stumble and Fed Takes
Pre-emptive Action Four Experts Discuss
Why Liquidity, Leverage and Transparency
Are Crucial - Allocation to Discretionary CTAs Grow as
Market Stalls - Allocations to Short-Term CTAs Increasing
at Rapid Rate Four Experts Discuss Investor
Preferences, Risk Adjusted Returns and
Capacity Issues - CTAs Reposition Themselves to Compete with
Hedge Funds Four Prominent Trading Advisors
Discuss Their Reasons for Crossing Over
Quarter 4, 1998
Quarter 3, 1998
Quarter 2, 1998
Quarter 1, 1998
1997
- EURO May Challenge the Dominance of US
Dollar Three Experts Discuss the Implications
of Economic and Monetary Union (EMU) - Energy Traders On The Verge Of Extinction
Four Advisors Discuss The Challenges Of
Trading In The Energy Complex - Structured Notes Offer Flexibility, Less
Volatility Three Experts Discuss Why
Institutional Investing in These Products
is Growing - 'Turtle' Founders Successful With Differing
Approaches
Quarter 4, 1997
Quarter 3, 1997
Quarter 2, 1997
Quarter 1, 1997
1996
- Options Usage For CTAs Goes Beyond Risk
Management - Managed Futures Returns: Skill-Based or
Inherent? - Currency Overlay Managers Utilize CTA
Trading Skills - Derivatives: Separating the FACTS from
the FEARS
Quarter 4, 1996
Quarter 3, 1996
Quarter 2, 1996
Quarter 1, 1996
1995
- Emerging CTA Firms Must Overcome Unique
Challenges - Oldest CTAs in the Industry Have Survived
and Thrived - Dollar's Drop Puts Pressure on Overseas
Futures - Turtles Outperform Industry In a
Challenging Year
Quarter 4, 1995
Quarter 3, 1995
Quarter 2, 1995
Quarter 1, 1995
1994
- Institutions Assess Commodity Baskets and
Indexation - Price Moves Rekindle Interest In Physical
Commodities - Growth of International Assets Increases
Currency Exposure - Yield Enhancement Programs: Greater
Returns, Less Risk?
Quarter 4, 1994
Quarter 3, 1994
Quarter 2, 1994
Quarter 1, 1994
1993
- Dealing with the Challenge of Unfavorable
Markets Strategies and Methods CTAs Apply
in Difficult Trading Environments - Looking Ahead to the Year 2000 An In-Depth
Discussion with the President of Colorado
Commodities Management - Systematic Approaches Apply Method to the
Madness
Quarter 4, 1993
Quarter 3, 1993
Quarter 1, 1993
1992
- How Will Inflation Effect CTA Performance
in the 90s? - How Traders Interpret Recent Industry
Performance - European CTAs Look at US Economy and
Global Markets US Dollar Seen as Less
Dominant In Emerging New Economic Order
Quarter 4, 1992
Quarter 3, 1992
Quarter 2, 1992
1991
- Financial Futures Trading Expands to
Worldwide Arena - Technical vs. Fundamental:
How Do Traders Differ? - What's in store for 1991
Quarter 4, 1991
Quarter 3, 1991
Quarter 1, 1991