Equity L/S Funds Up YTD Despite Aug Losses

Sep 13 2013 | 9:26am ET

Equity long/short funds lost ground in August, slipping 0.56%, but remain up 7.76% year to date, according to Deutsche Bank's most recent Markets Prime Finance Hedge Fund Trends.

The median hedge fund lost 0.54% in August, according to DB, led by macro funds, which lost 1.30% on the month. CTA/managed futures funds were down 1.14%, multi-strategy funds down 0.13% and event-driven funds down 0.12%.

On the winning side this month were fixed-income funds, up 0.97%, distressed funds, up 0.78%, market neutral funds, up 0.40% and credit funds up 0.32%.

Regionally, Japan long/short funds were up 17.55% YTD, U.S. long/short funds up 8.56% YTD and European long/short funds up 7.35% YTD.

DB analysts met with a variety of Chicago investors—including family offices, pensions and fund of funds—in August and report significant interest in fundamental, directional long/short equity managers and sector-specific funds (particularly technology and healthcare).

Interest in U.S. credit strategies, on the other hand, was low while interest in European credit and equities has inched up. Multiple investors voiced an interest in “different” or “off the run” managers and strategies uncorrelated to more traditional markets.

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