Thursday, 23 October 2014
Last updated 12 hours ago
Nov 15 2013 | 12:46pm ET
Hedge funds posted broad-based if somewhat underwhelming gains in October, according to a major industry benchmark.
The Credit Suisse Hedge Fund Index returned 1.59% last month, as the Standard & Poor's 500 Index rose more than 4.5%. The Broad Index is up just 7.03% on the year, against well over 20% for the S&P500.
Each strategy tracked by Credit Suisse posted gains in October save one, dedicated short-bias, which continues to be mauled by the ongoing stock market rally. Short funds fell an average of 1.65% last month and are down 23.21% on the year.
Managed futures funds, on the other hand, surged 2.96% last month as they seek to at least break even for the year. Through 10 months, the strategy remains down 4.66%, and is the only strategy other than short-bias in the red for the year.
Long/short equity funds added 2.54% (13.55% year-to-date), emerging markets funds 2.01% (6.28% YTD), multi-strategy funds 1.77% (8.51% YTD), distressed funds 1.53% (12.05% YTD), event-driven funds 1.45% (11.76% YTD), event-driven multi-strategy funds 1.41% (11.67% YTD), equity-market neutral funds1.17% (5.15% YTD), global macro funds 1.01% (2.53% YTD), convertible arbitrage funds 0.92% (5.68% YTD), fixed-income arbitrage funds 0.61% (3.1% YTD) and risk arbitrage funds 0.57% (4.38% 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…
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