Friday, 28 April 2017
Last updated 5 hours ago
Apr 11 2017 | 10:12pm ET
Hedge funds largely weathered a number of headwinds in March, including a Fed interest rate hike, Trump's stumble with U.S. healthcare and the official start of the Brexit process, according to early data from Eurekahedge.
The Eurekahedge Hedge Fund Index rose 0.34% in March and 2.29% in the first quarter of the year, the company said. Nonetheless, the measure underperformed - underlying markets as represented by the MSCI AC World Index (Local) gained 0.79% during the month, with first quarter gains of 5.06%.
Among regional mandates, Asia ex-Japan mandated hedge funds posted the best gains for the month, up 1.57% followed by European managers who were up 0.73% over the same period. Among strategic mandates, long/short equities hedge funds gained 1.07% followed by event driven hedge funds with 0.54% over the same period. Distressed debt hedge funds posted the steepest decline, down 1.21% for the month.
Among developed market mandates, European hedge funds were up 0.73%, followed by North American peers with 0.48%. On the other hand, Japanese counterparts retracted 0.74% for the month. On a year-to-date basis, European managers reported 2.12% gains followed by North American and Japanese managers who posted returns of 2.10% and 1.15% respectively.
Meanwhile, among strategy mandates, long/short equities hedge funds gained 1.07% followed by event driven hedge funds with 0.54% over the same period. Distressed debt hedge fund managers posted the steepest decline this month, down 1.21%, followed by CTA/managed futures and macro mandated hedge funds, which fell 0.77% and 0.18%, respectively, over the same period.
Other key highlights from the March 2017 Flash Update:
Eurekahedge’s data was based on 40.88% of funds that have reported March 2017 returns as of April 11, 2017. The company tracks asset flows, hedge fund performance and regional key trends across the hedge fund universe, tracking more than 130 data points on more than 24,000 alternative funds in its database.