14/03/2010
Early-year trading has been a real chore for most, but there was something of a turnaround in February.
The fact that markets stabilised toward the end of the month and hedge fund returns showed improvements right at the beginning of February is a measure of the industry’s recovery after a poor January.
By and large, CTAs’ returns were still between the haves and have nots. Of the systematic CTAs, Winton Evolution Fund returned more than 3% through to 24 February, sneaking the fund into positive territory for the year, and Bluetrend was up 1% to 19 February, while on the discretionary side, the Clive Fund returned 1.78%.
Despite some positives, a lot of funds flirted with good returns but, on average, large losses marked the category down once again; Rotella Polaris fell 4.4% through the 19 February, Eagle Global Fund was down 3.84% and Digilog dropped 3.27% for the same period.
Increase text sizeIt’s interesting how one deal can often summarise the tenor of the times. Last week’s rubber stamping of the Man-GLG tie-up by the former’s shareholders may have been a formality, but in the wider context of the hedge fund sector, the tenets underpinning the move are far more interesting.
Collateral management is undoubtedly a big deal for the post-Lehman investor, but, as Danny Caplan, Deutsche Bank’s head of global prime finance sales, Europe, put it this week, “not all asset segregation is the same”.
"Firms must be careful not to take their eye off the ball, as enforcement action for reporting failures is increasing in frequency and severity"
As HFMWeek prepares to launch its new fresh look, this week’s Page 4 rolls out our industry confidence survey. Polling readers on their faith in the global economy, investor inflows and the impact of regulation we hope, on a weekly basis, to build a broad picture of the psychology of the hedge fund sector.
Read MoreHave your say on the hedge fund industry by taking part in two new HFMWeek surveys
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