Pivotal Point of View
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Pivotal Point of View – January 2021
PivotalPath’s Hedge Fund Composite Index started the year up +0.3% while the S&P was down -1.0%. 55% of funds reported positive numbers, with the median fund returning +0.4%. January marks the 1st month since March 2020 that Equity Sector funds exhibited negative returns, primarily dragged down by TMT (-2.3%).
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Hedge Fund Launches & Liquidations in 2020
When it comes to hedge fund launches and closures, the right questions and the right data can tell a very different story.
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Pivotal Point of View – December 2020
The PivotalPath Hedge Fund Composite Index was up 4.3% in December, with 95% of funds reporting positive performance. 74% of managers ended 2020 in positive territory, with the Composite up 11.7% for the year.
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Pivotal Point of View – November 2020
November was a big month for markets, with the S&P 500 up 10.7%. In aggregate, hedge funds were up 5% for the month with 86% of managers reporting positive performance. YTD, hedge funds are up just over 7% and continue to deliver better risk-adjusted results than the S&P, as indicated by their respective Sharpe ratios, 0.70 vs. 0.57.
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Pivotal Point of View – October 2020
For the year, hedge funds are outpacing the S&P 500, the former up 2.0% and the latter up 1.2%. Specifically, in October, the S&P was down 2.8% while the PivotalPath Hedge Fund Composite Index, which is asset-weighted across high-level strategies, was flat. At the fund-level, 55% of managers reported positive performance for the month.
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Pivotal Point of View – September 2020
High-level strategies performed within 220 bps of each other in September, ranging from down 1.2% (Managed Futures) to up 1.0% (Event Driven). YTD is a different story, with almost 14% separating the top, Equity Sector up 10.3%, from the bottom, Managed Futures down 3.4%. Interestingly, our Composite’s dispersion is 2.8% for the month, just below the long-term average (2.9%).
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Pivotal Point of View – August 2020
Hedge funds were up broadly in August, led by equity-focused managers and multi-strategy funds. Managed futures lagged on both a monthly and YTD basis.
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Pivotal Point of View – July 2020
Hedge funds were up broadly in July, with the exception of Healthcare (down 1.3%). YTD, hedge fund performance has been slightly positive, with the PivotalPath Hedge Fund Composite returning 0.6% through month end.
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Pivotal Point of View – June 2020
Hedge funds were up broadly in June, with the exception of Risk Premia (-2.1%) and Managed Futures (-1.2%). YTD, hedge funds have outpaced the S&P 500 (-4.0%) as the PivotalPath Hedge Fund Composite Index returned -1.3% through month end.
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Pivotal Point of View – May 2020
Broadly, hedge funds were up in May, with the exception of Risk Premia (-1.4%) and Managed Futures (-1.0%). YTD, hedge funds continue to outpace both the Dow (-11.1%) and the S&P (-5.0%), as the PivotalPath Hedge Fund Composite Index returns -2.6% through month end.