Wednesday, April 15, 2009

 

Looks Can be Deceiving: Qualitative Hedge Fund Due Diligence vs. Quantitative Time-Series Analysis

Check back each month to read the latest proprietary study addressing issues in due diligence and risk analysis.

This month's study examines the differences in the risk profiles generated using qualitative due diligence versus quantitative time-series analysis of a fund’s track record.

Read the full study here.


Hedge Fund Due Diligence Reports

BarclayHedge and SwissAnalytics have teamed up to offer hedge fund and CTA due diligence. As a BarclayHedge member receive an exclusive 10% discount on your first Hedge Fund Due Diligence Report from SwissAnalytics.

SwissAnalytics offers a comprehensive approach to systematically score each fund on more than 140 qualitative risk factors. SwissAnalytics researchers conduct full-service due diligence on the entire range of hedge fund and CTA strategies and managers located anywhere in the world in a timely and cost-effective manner.

To download a sample Due Diligence Report, simply fill out this short request form.

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Managed Futures Lose 1.16% in March; Fed’s Action Reverses Trend for Stocks, Bonds and Currencies

FAIRFIELD, Iowa, April 15, 2009– Managed futures slipped 1.16% in March according to the Barclay CTA Index compiled by BarclayHedge. The Index is now down 1.59% in 2009.

“The US Federal Reserve’s willingness to employ quantitative easing helped to drive interest rates and the US Dollar lower, while propelling prices for stocks and agricultural commodities higher,” says Sol Waksman, founder and president of BarclayHedge.

“Trend-followers, as a group, were on the wrong side of these markets when they changed direction mid-month.”

Read the entire Managed Futures Press Release by clicking here.

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Tuesday, April 14, 2009

 

We Expect Hedge Fund Revenues to Plummet to $30.4 Billion in 2009

The topical study from the April 2009 issue of The Hedge Fund Flow Report. Gain insight into industry trends and hedge fund asset flows before you make your next important decision.

With the hedge fund boom over, we are measuring the impact of the bust. . .
Hedge funds are caught in a revenue trap with no easy way out. Hedge funds will have to rely on organic growth rather than flows to grow their asset base. They will have to dramatically cut costs to make up for the fact that revenues will stay 50% off their peak for many years. Home builders in Connecticut and high-end restaurants in Mayfair should brace for tough times.

Performance related revenues drop to $21.1 billion in 2008 from $55.8 billion in 2007. Performance fees fell to a record low of 0.1% of hedge fund assets in Q3 2008.


Performance fee models must take into account "high-water mark" provisions, which require many funds to return to a previous peak before collecting a performance fee. Hence, performance fees are not a linear function of assets under management and returns. They depend on the path of prior returns and the distributions of current returns. Theoretically, performance related revenue can remain strong even in periods of bad returns. . .

Accredited investors can read the entire article for free.

From the April 2009 issue of The Hedge Fund Flow Report. The Hedge Fund Flow Report combines the accuracy of the BarclayHedge database with the analytical insight of TrimTabs Investment Research. The report is generated by TrimTabs Investment Research using the most current data on thousands of hedge funds. An annual subscription includes 12 monthly updates as well as a spreadsheet containing historical flow aggregates by category.

To download a free sample of the entire TrimTabs Hedge Fund Flow Report, simply fill out this short request form.

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Hedge Funds Up 2.41% in March; Emerging Markets Jump 4.74%

FAIRFIELD, Iowa, April 14, 2009– According to the Barclay Hedge Fund Index compiled by BarclayHedge, hedge funds increased 2.41% in March. The Index is now up 0.82% in 2009.

“After an eight percent sell-off in early March, the S&P 500 Index bounced back to gain 17 percent from March 9 to March 31, its largest 3-week rally since 1987,” says Sol Waksman, founder and president of BarclayHedge.

Read the entire Hedge Fund Press Release by clicking here.

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Monday, April 13, 2009

 

The Good, the Bad or the Expensive? Which Mutual Fund Managers Join Hedge Funds?

By Prachi Deuskar, Department of Finance, College of Business, University of Illinois at Urbana; Joshua M. Pollet, Department of Finance, Goizueta Business School, Emory University; Z. Jay Wang, Department of Finance, College of Business, University of Illinois at Urbana; and Lu Zheng, Department of Finance, Paul Merage School of Business, University of California Irvine

Their paper investigates the decisions mutual fund management companies make when facing direct competition for managerial talent from the hedge fund industry.

Download the full article here.

From the April 2009 issue of Barclay's Insider Report. Accredited investors can subscribe to the full newsletter for free.

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February Commodity Trading Advisor and Hedge Fund Performance

Commodity Trading Advisor performance for February as measured by the Barclay CTA Index averaged -0.20%. March's estimate based on the performance of the Barclay BTOP50 Index is -2.02%.

Hedge funds had a negative month in February reflected by losses in fourteen of our eighteen indices. The average return for the 2,529 hedge funds (ex. FoFs) that have so far reported a February return is -1.44%. The estimates for March, along with the number of funds reporting for each of our 18 sectors can be found at the link below. These indices are being continually updated as current returns for the underlying hedge funds are recorded into our system. As of this writing, 13 of 18 hedge fund sectors are showing positive returns for March.

Hedge Fund Indices Managed Futures Indices

From the April 2009 issue of Barclay's Insider Report. Accredited investors can subscribe to the full newsletter for free.

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