Friday, 31 October 2014
Last updated 1 min ago
Sep 17 2013 | 11:30am ET
Hedge funds sank with stocks last month, but took on far less water than the broader markets.
The average hedge fund fell 0.54%, according to the Credit Suisse Hedge Fund Index. By contrast, the Standard & Poor's 500 Index lost 2.9% in August. Still, the broad-market equity index is up more than 16% on the year, compared to just 4.03% for the hedge fund benchmark.
Hedge fund strategies posted mixed results on the month. Convertible arbitrage funds had the best August, rising 0.72% (4.47% year-to-date). Fixed-income arbitrage added 0.21% (1.95% YTD), event-driven multi-strategy 0.16% (8.5% YTD), multi-strategy 0.08% (5.12% YTD), dedicated short-bias 0.03% (down 17.36% YTD) and risk arbitrage 0.01% (2.95% YTD).
Managed futures funds took the biggest hit last month, falling 2.77% (down 7.26% YTD). Equity-market neutral fell 1.72% (up 3% YTD), long/short equity 1.11% (up 7.98% YTD), global macro 0.92% (up 0.66% YTD), distressed 0.48% (up 8.87% YTD), emerging markets 0.24% (up 2.87% YTD) and event-driven 0.04% (up 8.6% YTD).
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.