Pivotal Point of View - September 2019
September was a challenging month for hedge funds, as several factor/sector rotations produced considerable headwinds. The largest drawdowns were seen in Technology/Media/Telecom (-4.0%), Managed Futures (-2.9%) and Healthcare (-2.5%), generally attributable to the reversal in growth/momentum.
Technology/Media/Telecom managers with the largest losses were generally invested in smaller, growth-oriented stocks, including SaaS names.
Many of the allocators we work with continue to focus their research efforts on Asian funds (our Asia Equity Long/Short Index is up 6.1% YTD). PivotalPath Research will visit a number of Singapore-based managers next month - we look forward to sharing those findings in future editions!
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