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Commentary: Hedge fund benchmarks — from flawed to functional
Why are hedge fund allocations still lagging, even as performance continues to impress? In a recent article for Pensions & Investments, Jon Caplis, CEO of PivotalPath explored this hedge fund paradox, making it clear that the problem isn’t industry performance, but measurement. Too many allocators and managers are working with flawed and opaque benchmarks that […]
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Multi-faceted Multi-Strats
PivotalPath’s quarterly webinars bring together the best in hedge fund data, with the most influential industry voices.
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When the Hedges Don’t Hedge the Way You Expect
Researchers have found that performance is far higher than people think once the data includes the largest institutional hedge funds. “Every single piece of research needs to be revisited.”
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Equity gains and ‘vintage’ macro push hedge funds higher in September
Hedge funds gained across all main strategy groups in September, with equity funds pushing higher and macro’s “vintage run” continuing. New York-based PivotalPath saw a 1.9% rise in its main hedge fund index which put it up 8.7% YTD. Equity funds led the way in September, its sector-focused index up 4.1% and 13.2% YTD.
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Hedge fund liquidations hit two-decade low as industry assets near $5 trillion
Hedge fund liquidations have fallen to their lowest level in more than 20 years, as industry assets approach $5 trillion and performance improves across equity strategies
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Hedge funds surge with highest quarterly return in 4 years, but correlation concerns emerge
PivotalPath’s hedge fund composite returned 5.3% in the third quarter. By comparison, the S&P 500 climbed 14.8% year-to-date through September, while the Nasdaq gained 17.3%. Emerging markets surged 27.5%, propelled by a 42% rally in China’s MSCI index. Rising beta in event-driven strategies tests hedge fund alpha Correlations to the S&P 500 reached near-record levels […]
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‘Computers love us, humans struggle.’ How Mount Lucas’ contrarian approach uses managed futures to diversify.
Data from PivotalPath, which tracks hedge fund performance, shows the pattern held during the S&P 500’s five worst quarters since 2000: Q3 2001, Q3 2002, Q4 2008, Q1 2020 and Q2 2022. When stocks fell 63% cumulatively during those periods, managed futures funds gained 50% on average, according to PivotalPath’s index. Full story in the […]
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Soaring fund manager pay cost Eisler Capital dear
New York has been the centre of the multi-manager model with pass-through fees and that won’t change, investors said. London, the second largest hedge fund centre, has 171 hedge fund managers, compared to 911 in New York, a city which has accounted for roughly 85% of hedge funds consistently for the last five years, data […]
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Hedge fund EDL Capital up almost 30% for year to end-September, says source
The broader hedge fund industry is up 8.5% in the year to the end of September, according to hedge fund research firm, PivotalPath. EDL’s returns are ahead of an index tracking average returns of similar macro focused hedge funds. These posted a 0.9% return for September and are up 6.1% for the year to September-end, […]
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Taconic Shuttering Flagship Hedge Fund in Broad Shakeup
In a major overhaul, Taconic Capital Advisors is shuttering its $1.8 billion flagship multistrategy hedge fund, spinning out its European credit strategy and reworking its C-suite. The fund’s annualized return since its 2004 inception is 5.8%, while the PivotalPath Event Driven Index gained 7.8% every year on average for roughly the same period.
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