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8/7/2019 HFI Global Briefing - February 2011
1/8
monthly performance data, news and analysis for the global hedge fund industry
GlobalBiefngVolume 4 Issue 4 February 2011 A HedgeFund Intelligence publication
HedgeFundIntelligence
January proves a difcult start to the yearGloBal summary
Hedge unds have entered 2011 with restrained perormance, as most
strategies inched orward only slightly in January. The HedgeFund
Intelligence Global Composite Index, which tracks nearly 4,000
single-manager hedge unds, produced a median gain o 0.28% in
January against a 2.26% rise in the MSCI World Index (net).
aeic, Epe, ai
Funds in the Americas rose 0.48% in January, against a 2.26% gain or
the S&P 500 Index. European unds gained 0.14% against a 3.94% gain
or the MSCI Europe Index (net). Asian unds gained 0.31% against a
decline o 0.36% or the MSCI Pacifc Free Index (net).
Event-driven hedge unds were the best perormers globally, gaining
0.75% in January. Emerging-market equity unds ell into last place
globally, dropping 1.17% or the month.
Hedge und perormance this January is not out o line with previous
years. In 2010, the Global Composite Index was up 0.09%, easily
beating a 3.7% decline in the S&P 500 Index. With its 2.26% gain last
month, the S&P 500 Index produced its best January since its 2.55%
rise in the frst month o 2006.
The perormance fgures cited in this document are early estimates
that were accurate as o 1pm GMT/8am EST on 7 February 2011. For
the latest perormance fgures, please visit the individual indices
(available in the ollowing pages) on the HedgeFund Intelligence site.
CoNTENTs1 Gb
2 HFI news, data and research
3 The aeic
4 Epe
5 ai-Pcifc
6 Fnd hedge nd/invet
7 abte uCITs
8 Gwth hedge nd indt et
median meanstrateg Jan-11 yTD Jan-11 yTD
equity 0.24% 0.24% 0.02% 0.02%
macro -0.40% -0.40% -1.49% -1.49%
manag futurs -0.38% -0.38% -0.85% -0.85%
evnt drivn 0.75% 0.75% 1.05% 1.05%
erging markt dbt -1.03% -1.03% -1.57% -1.57%
erging markt equity -1.17% -1.17% -1.02% -1.02%
HFI Global Copoite 0.28% 0.28% -0.13% -0.13%
GloBal INDICEs (EsT)
%
MSCI World Index - Net
HedgeFund Intelligence Global Index - Macro
HedgeFund Intelligence Global Index - Managed Futures
HedgeFund Intelligence Global Index - Event Driven
HedgeFund Intelligence Global Index - Equity
HedgeFund Intelligence Global Index - Emerging Market Equity
HedgeFund Intelligence Global Index - Emerging Market Debt
HedgeFund Intelligence Global Index - Composite
-5
0
5
10
15
20
Jan-11
Dec-1
0
Nov-1
0
Oct-1
0
Sep-10
Aug-10
Jul-1
0
Jun-10
May-1
0
Apr-10
Mar-10
Feb-10
Jan-10
GlobalBriefngi ee nth pbictin To subscribe please go to www.hedgeundintelligence.com/globalbriefng
GloBal ComPosITE mEDIaN INDICEs
f v hf i
Figures correct as of 7 February 2011
http://www.hedgefundintelligence.com/globalbriefinghttp://www.hedgefundintelligence.com/globalbriefinghttp://www.hedgefundintelligence.com/Database-Global-Indices-Performance.htmlhttp://www.hedgefundintelligence.com/Database-Global-Indices-Performance.htmlhttp://www.hedgefundintelligence.com/globalbriefing8/7/2019 HFI Global Briefing - February 2011
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Drawd o wn L en g th Recovery Peak Valley(X%) 13 0 Oct 07 N ov 08(X%) 8 8 Sep 04 M ay 05(X%) 3 3 Mar 04 J un 04(X%) 1 2 Jul 07 A ug 07(X%) 5 6 Apr 06 S ep 06
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3/8
Covering the single-manager hedge
und industry in the Americas
Medians MeansStrategy Jan-11 YTD Jan-11 YTD
Mixed Arbitrage Index 0.54% 0.54% 0.56% 0.56%
Commodities Index 2.36% 2.36% 1.43% 1.43%
Convertible & Equity Arbitrage Index 1.46% 1.46% 1.93% 1.93%
Credit Index 1.45% 1.45% 1.59% 1.59%
Distressed Index 2.50% 2.50% 2.27% 2.27%
Event Driven Index 1.90% 1.90% 1.59% 1.59%
Fixed Income Index 0.44% 0.44% 0.69% 0.69%
Global Equity Index 0.44% 0.44% 0.34% 0.34%
Latin American Debt Index -0.26% -0.26% -0.21% -0.21%
Latin American Equity Index -1.06% -1.06% -2.03% -2.03%
Macro Index -0.39% -0.39% -2.06% -2.06%
Managed Futures Index -0.38% -0.38% -1.06% -1.06%
Mortgage Backed Securities Index 2.81% 2.81% 2.36% 2.36%
Multi-Strategy Index 1.60% 1.60% 1.47% 1.47%
Technology Index 1.58% 1.58% 1.75% 1.75%
US Equity Index 0.31% 0.31% 0.28% 0.28%
Composite Index 0.48% 0.48% -0.10% -0.10%
abSoluTe reTurn InDICeS (eST)
%
S&P 500
MSCI World
Absolute Return Composite Index
Absolute Return Global Equity
Absolute Return U.S. Equity
-10
-5
0
5
10
15
20
Jan-11
Dec-1
0
Nov-1
0
Oct-1
0
Sep-10
Aug-10
Jul-1
0
Jun-10
May-1
0
Apr-10
Mar-10
Feb-10
Jan-10
Globalbriefngis f mthy picti To subscribe please go to www.hedgeundintelligence.com/globalbriefng February 2011 3
abSoluTe reTurn MeDIan InDICeS vSMSCI worlD InDex anD S&P 500
Click the links to view. Subscription required unless noted otherwise.
laTeST newS & analYSIS Shumway to return all outside capital: Full Letter
Credit Suisse funds of funds chief departs
David Tepper joins Robin Hood board, mulls donating majority of
ft
So-so year for stars D.E. Shaw, Brevan Howard
HBK rebounds
Tim Barakett backs Duma's macro fund relaunch
Investors pulled $2.2 billion from Paulson in 2010
Basswood to launch financials fund
SAC, Fortress and GoldenTree push up Manhattan office rents
Bridgewater reaches $3 billion in new fund
FEATURES & PROFILES The reckoning of Centaurus billionaire John Arnold
Taking a closer look at the experts: Hedge funds scrutinize reearch
fims
The new tech boom? Investors want to party like its 1999but
navigating the markets will be tricky
ABS 2.0: Waterfall Asset Management returns to its roots
COMMENTARY (FREE)
Groundhog Day: Will the retail consumer see his shadow? Bluster and luster: Dont join the gold rush
RESEARCH & RANKINGS New Hope for New Funds: New American hedge funds garnered
$17.40 billion in 2010a 17% gain over the previous year
New Funds Survey: Assets garnered by new funds nearly tripled
to $10.9 billion in the first half of 2010
Billion Dollar Club: Our comprehensive list of all Americas-based
hedge fund firms managing $1 billion or more in assets
Hedge Fund Report Card: York comes out on top
Philanthropy: Demand for aid went up during the recessionatthe same time growth of hedge fund philanthropy slowed
Prime brokerage: Charting the historic shake up in prime broker
market share
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editi ctcts
Michelle Celarier, Editor, AR Magazine, mcelarier@absolutereturn.net
Josh Friedlander, Online editor,AR Magazine, jriedlander@absolutereturn.net
Funds struggle to keep up with equities
For the latest statistics please view the Absolute Return indices
Figures correct as of 7 February 2011
8/7/2019 HFI Global Briefing - February 2011
4/8GlobalBriefngs a free monthl publcaton To subscribe please go to www.hedgeundintelligence.com/globalbriefng February 2011 4
Covering the single-manager
hedge und industry in Europe
Click the links to view. Subscription required unless noted otherwise.
LATEST NEWS & ANALySiS SEB seeds ex-Mizuho fixed-income team in Oington launch
Finisterre adds in-house counsel and moes COO to London
Source rolls out Man GLG broker-ideas fund in ETF format
Deutsche and Traxis team up for equity macro UCITS launch
Attias leaes Rubicon as founder Brewer resumes CEO role
New launch pace picks up as confidence starts to flow
Industry recoery quickens as 2010 finishes on a high
Armajaro to add macro-style resources equity fund with
ex-Salomon, Brean man Glinsman
Pendragon founders up and running again in eent-drien
FEATURES & FUND PROFILES AIMA keeps up pressure on AIFMD as Leel 2 work begins
BTG Pactual aims high as global macro/EM fund races to $1.5bn
RAB Energy duo dig deep to extract alue, bounce back from
2008 blow
Episode rides risk on/risk off macro wae
Wermuth climbs back after 2008 meltdown
Prior & Nilssons Nordic-focused Idea equity strategy accelerates
following bumper 2010
COMMENT (FREE) Cautious optimism for 2011 as tough 2010 ends on strong note
PERFORMANCE Decent December rounds off olatile equity year
Market-neutral and quantitatie funds finish up with modest
monthl gans
Global equity managers end 2010 with punchy numbers
EUROHEDGE AWARDS CQS and BlueCrest lead 2010 EuroHedge Awards winners
Medians MeansStrategy Jan-11 YTD Jan-11 YTDEuropean Equity USD -0.56% -0.56% -0.80% -0.80%
European Equity GBP 0.50% 0.50% 1.42% 1.42%
European Equity EUR -0.15% -0.15% -0.01% -0.01%
Macro USD -1.37% -1.37% -0.96% -0.96%
Fixed Income USD 0.62% 0.62% 0.79% 0.79%
Global Equity USD -0.58% -0.58% -0.43% -0.43%
Managed Futures USD -0.52% -0.52% -0.93% -0.93%
Credit USD 1.47% 1.47% 1.38% 1.38%
Currency 0.91% 0.91% 0.55% 0.55%
Event Driven USD -0.25% -0.25% 0.09% 0.09%
Mixed Arbitrage & Multi Strategy USD 1.15% 1.15% 1.37% 1.37%
Equity Market Neutral & -0.78% -0.78% -1.21% -1.21%
Quantitative Strategies USD
Convertible & Equity Arbitrage USD 2.70% 2.70% 2.51% 2.51%
Emerging Market Debt USD -1.06% -1.06% -2.03% -2.03%
Emerging Market Equity USD 0.75% 0.75% 0.49% 0.49%
Composite 0.14% 0.14% -0.10% -0.10%
EUROHEDGE INDICES (EST)
%
MSCI Europe - Net
EuroHedge Global Equity USD Index
EuroHedge Macro USD Index
EuroHedge Fixed Income USD Index
EuroHedge Managed Futures USD Index
EuroHedge European Long/Short Equity EUR Index
EuroHedge Composite Index
-6
-3
0
3
6
9
12
15
Ja
n-11
Dec-1
0
Nov-10
Oct-1
0
Sep-10
Aug-10
Ju
l-10
Jun-10
May-1
0
Ap
r-10
Ma
r-10
Feb-10
Jan-10
EUROHEDGE MEDIAN INDICES vS MSCI EUROPE
For the latest statistics please view theEuroHedge indices
Editorial contacts
Nick Evans, Editor,EuroHedge,nevans@hedgeundintelligence.com
Robert Murray, Associate editor,EuroHedge,rmurray@hedgeundintelligence.com
Ian Sanderson (US/Europe)
isanderson@hedgeundintelligence.com
+44 (0) 20 7779 7339
James Barfeld (US/Europe)
jbarfeld@hedgeundintelligence.com
+44 (0) 20 7779 7336
Robert Ball (Asia Pacifc)
rball@hedgeundintelligence.com
+852 2842 6996
For more information on HedgeFund Intelligence products and serices, please contact:
Composite clings on to positive results
Figures correct as of 7 February 2011
http://www.hedgefundintelligence.com/globalbriefinghttp://www.hedgefundintelligence.com/Article/2761341/EuroHedge-News/SEB-seeds-ex-Mizuho-fixed-income-team-in-Ovington-launch.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2761342/EuroHedge-News/Finisterre-adds-in-house-counsel-and-moves-COO-to-London.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2761343/EuroHedge-News/Source-rolls-out-Man-GLG-broker-ideas-fund-in-ETF-format.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2761344/EuroHedge-News/Deutsche-and-Traxis-team-up-for-equity-macro-UCITS-launch.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2757010/EuroHedge-News/Attias-leaves-Rubicon-as-founder-Brewer-resumes-CEO-role.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755030/EuroHedge-News/New-launch-pace-picks-up-as-confidence-starts-to-flow.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755031/EuroHedge-News/Industry-recovery-quickens-as-2010-finishes-on-a-high.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755032/EuroHedge-News/Armajaro-to-add-macro-style-resources-equity-fund-with-ex-Salomon-Brevan-man-Glinsman.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755032/EuroHedge-News/Armajaro-to-add-macro-style-resources-equity-fund-with-ex-Salomon-Brevan-man-Glinsman.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755033/EuroHedge-News/Pendragon-founders-up-and-running-again-in-event-driven.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755037/EuroHedge/AIMA-keeps-up-pressure-on-AIFMD-as-Level-2-work-begins.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755038/EuroHedge/BTG-Pactual-aims-high-as-global-macroEM-fund-races-to-15bn.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755042/EuroHedge/RAB-Energy-duo-dig-deep-to-extract-value-bounce-back-from-2008-blow.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755042/EuroHedge/RAB-Energy-duo-dig-deep-to-extract-value-bounce-back-from-2008-blow.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755044/EuroHedge/Episode-rides-risk-onrisk-off-macro-wave.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755039/EuroHedge-Profiles/Wermuth-climbs-back-after-2008-meltdown.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755040/EuroHedge-Profiles/Prior-and-Nilssons-Nordic-focused-Idea-equity-strategy-accelerates-following-bumper-2010.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755040/EuroHedge-Profiles/Prior-and-Nilssons-Nordic-focused-Idea-equity-strategy-accelerates-following-bumper-2010.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755029/EuroHedge-Blogs/Cautious-optimism-for-2011-as-tough-2010-ends-on-strong-note.html?LS=GlobalBriefing?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755047/EuroHedge-Performance/Decent-December-rounds-off-volatile-equity-year.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755048/EuroHedge-Performance/Market-neutral-and-quantitative-funds-finish-up-with-modest-monthly-gains.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755048/EuroHedge-Performance/Market-neutral-and-quantitative-funds-finish-up-with-modest-monthly-gains.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755049/EuroHedge-Performance/Global-equity-managers-end-2010-with-punchy-numbers.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2757008/EuroHedge-News/CQS-and-BlueCrest-lead-2010-EuroHedge-Awards-winners.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755040/EuroHedge-Profiles/Prior-and-Nilssons-Nordic-focused-Idea-equity-strategy-accelerates-following-bumper-2010.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Database-EuroHedge-Indices-Performance.htmlmailto:nevans%40hedgefundintelligence.com?subject=Global%20Briefingmailto:nevans%40hedgefundintelligence.com?subject=Global%20Briefingmailto:rmurray%40hedgefundintelligence.com?subject=Global%20Briefingmailto:isanderson%40hedgefundintelligence.com?subject=Global%20Briefingmailto:jbarfield%40hedgefundintelligence.com?subject=Global%20Briefingmailto:rball%40hedgefundintelligence.com?subject=Global%20Briefingmailto:rball%40hedgefundintelligence.com?subject=Global%20Briefingmailto:jbarfield%40hedgefundintelligence.com?subject=Global%20Briefingmailto:isanderson%40hedgefundintelligence.com?subject=Global%20Briefingmailto:rmurray%40hedgefundintelligence.com?subject=Global%20Briefingmailto:nevans%40hedgefundintelligence.com?subject=Global%20Briefinghttp://www.hedgefundintelligence.com/Database-EuroHedge-Indices-Performance.htmlhttp://www.hedgefundintelligence.com/Article/2757008/EuroHedge-News/CQS-and-BlueCrest-lead-2010-EuroHedge-Awards-winners.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755049/EuroHedge-Performance/Global-equity-managers-end-2010-with-punchy-numbers.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755048/EuroHedge-Performance/Market-neutral-and-quantitative-funds-finish-up-with-modest-monthly-gains.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755048/EuroHedge-Performance/Market-neutral-and-quantitative-funds-finish-up-with-modest-monthly-gains.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755047/EuroHedge-Performance/Decent-December-rounds-off-volatile-equity-year.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755029/EuroHedge-Blogs/Cautious-optimism-for-2011-as-tough-2010-ends-on-strong-note.html?LS=GlobalBriefing?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755040/EuroHedge-Profiles/Prior-and-Nilssons-Nordic-focused-Idea-equity-strategy-accelerates-following-bumper-2010.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755040/EuroHedge-Profiles/Prior-and-Nilssons-Nordic-focused-Idea-equity-strategy-accelerates-following-bumper-2010.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755039/EuroHedge-Profiles/Wermuth-climbs-back-after-2008-meltdown.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755044/EuroHedge/Episode-rides-risk-onrisk-off-macro-wave.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755042/EuroHedge/RAB-Energy-duo-dig-deep-to-extract-value-bounce-back-from-2008-blow.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755042/EuroHedge/RAB-Energy-duo-dig-deep-to-extract-value-bounce-back-from-2008-blow.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755038/EuroHedge/BTG-Pactual-aims-high-as-global-macroEM-fund-races-to-15bn.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755037/EuroHedge/AIMA-keeps-up-pressure-on-AIFMD-as-Level-2-work-begins.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755033/EuroHedge-News/Pendragon-founders-up-and-running-again-in-event-driven.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755032/EuroHedge-News/Armajaro-to-add-macro-style-resources-equity-fund-with-ex-Salomon-Brevan-man-Glinsman.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755032/EuroHedge-News/Armajaro-to-add-macro-style-resources-equity-fund-with-ex-Salomon-Brevan-man-Glinsman.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755031/EuroHedge-News/Industry-recovery-quickens-as-2010-finishes-on-a-high.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755030/EuroHedge-News/New-launch-pace-picks-up-as-confidence-starts-to-flow.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2757010/EuroHedge-News/Attias-leaves-Rubicon-as-founder-Brewer-resumes-CEO-role.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2761344/EuroHedge-News/Deutsche-and-Traxis-team-up-for-equity-macro-UCITS-launch.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2761343/EuroHedge-News/Source-rolls-out-Man-GLG-broker-ideas-fund-in-ETF-format.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2761342/EuroHedge-News/Finisterre-adds-in-house-counsel-and-moves-COO-to-London.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2761341/EuroHedge-News/SEB-seeds-ex-Mizuho-fixed-income-team-in-Ovington-launch.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/globalbriefing8/7/2019 HFI Global Briefing - February 2011
5/8GlobalBriefngs a mothly blcato To subscribe please go to www.hedgeundintelligence.com/globalbriefng February 2011 5
Covering the single-manager hedge
und industry in the Asia-Pacifc
Medians MeansStrategy Jan-11 YTD Jan-11 YTD
Asia including Japan USD -1.32% -1.32% -1.53% -1.53%
Asia excluding Japan USD -0.96% -0.96% -1.19% -1.19%
Chinese Equity -0.50% -0.50% 0.41% 0.41%
Indian Equity -13.55% -13.55% -13.55% -13.55%
Japanese Equity USD 0.93% 0.93% 1.02% 1.02%
Japanese Equity JPY -0.66% -0.66% -1.14% -1.14%
Australian Equity AUD 0.25% 0.25% 0.18% 0.18%
AsiaHedge Composite 0.31% 0.31% -0.24% -0.24%
ASiAHeDge inDiCeS (eST)
%
MSCI Pacific Free Net
AsiaHedge Composite Index
AsiaHedge Japanese Equity Index USD
AsiaHedge Asia including Japan Index USD
AsiaHedge Asia excluding Japan Index USD
-5
0
5
10
15
20
Jan-11
Dec-1
0
Nov-1
0
Oct-1
0
Sep-10
Aug-10
Jul-1
0
Jun-10
May-1
0
Apr-10
Mar-10
Feb-10
Jan-10
equiTY BenCHMArkSBenchmark index Jan-11 YTD
MSCI Pacifc Free Net -0.36% -0.36%
MSCI Pacifc ex Japan -1.15% -1.15%
MSCI China -0.52% -0.52%
China Shanghai Composite Index -0.62% -0.62%
Sensex -10.64% -10.64%
TOPIX 1.26% 1.26%
Nikkei 225 0.09% 0.09%
Australian All Ordinaries 0.06% 0.06%
Hang Seng 1.79% 1.79%
ASiAHeDge MeDiAn inDiCeS vS
MSCi pACifiC free
edtoal cotacts
Aradhna Dayal, Editor, AsiaHedge,aradhna@hedgeundintelligence.com
Yvonne Chan, Senior writer,AsiaHedge,ychan@hedgeundintelligence.com
Ian Sanderson (US/Europe)
isanderson@hedgeundintelligence.com
+44 (0) 20 7779 7339
James Barfeld (US/Europe)
jbarfeld@hedgeundintelligence.com
+44 (0) 20 7779 7336
Robert Ball (Asia Pacifc)
rball@hedgeundintelligence.com
+852 2842 6996
fo mo omato o Hdfd itllc odcts ad scs, las cotact:
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LATeST neWS & AnALYSiS AsiaHedge Forum 2011: Levinson, Chan and Zhou line up to speak
Ho ko
Brummer liquidates Karakoram fund
Fund managers expect ripe returns in Asia
Threadneedle taps Miklavchich for emerging markets
Institutionalised funds most sought by investors, says BNY
Mllo
Maples hires Colchester to head Asia expansion
HK Financial Secretary John Tsang to deliver AsiaHedge Forum
yot
Indus launches Asian strategy fund on Morgan Stanley platform
feATureS & prOfiLeS Value Partners reaps rewards of a carefully cultivated discipline
MAS outlines new regime for managers in Singapore
Sun steers Veritas to rich pickings in China as market shifts to
consumer growth
COMMenT (free) The New Big Boys Club
inDuSTrY AnALYSiS What next for the renminbi?
Asian funds battle tricky markets
For the latest statistics please view theAsiaHedge indices
Figures correct as of 7 February 2011
mailto:aradhna%40hedgefundintelligence.com?subject=Global%20Briefingmailto:aradhna%40hedgefundintelligence.com?subject=Global%20Briefingmailto:ychan%40hedgefundintelligence.com?subject=Global%20Briefingmailto:isanderson%40hedgefundintelligence.com?subject=Global%20Briefingmailto:jbarfield%40hedgefundintelligence.com?subject=Global%20Briefingmailto:rball%40hedgefundintelligence.com?subject=Global%20Briefinghttp://www.hedgefundintelligence.com/Article/2750169/AsiaHedge/AsiaHedge-Forum-2011-Levinson-Chan-and-Zhou-line-up-to-speak-in-Hong-Kong.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2750169/AsiaHedge/AsiaHedge-Forum-2011-Levinson-Chan-and-Zhou-line-up-to-speak-in-Hong-Kong.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2759875/AsiaHedge-News/Brummer-liquidates-Karakoram-fund.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2759877/AsiaHedge-News/Fund-managers-expect-ripe-returns-in-Asia.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2759878/AsiaHedge-News/Threadneedle-taps-Miklavchich-for-emerging-markets.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2759880/AsiaHedge-News/Institutionalised-funds-most-sought-by-investors-says-BNY-Mellon.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2759880/AsiaHedge-News/Institutionalised-funds-most-sought-by-investors-says-BNY-Mellon.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2759882/AsiaHedge-News/Maples-hires-Colchester-to-head-Asia-expansion.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2754338/AsiaHedge-News/HK-Financial-Secretary-John-Tsang-to-deliver-AsiaHedge-Forum-keynote.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2754338/AsiaHedge-News/HK-Financial-Secretary-John-Tsang-to-deliver-AsiaHedge-Forum-keynote.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2757769/AsiaHedge-News/Indus-launches-Asian-strategy-fund-on-Morgan-Stanley-platform.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2750171/AsiaHedge-Profiles/Value-Partners-reaps-rewards-of-a-carefully-cultivated-discipline.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2694641/AH-Q-A/MAS-outlines-new-regime-for-managers-in-Singapore.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2720224/AsiaHedge-Profiles/Sun-steers-Veritas-to-rich-pickings-in-China-as-market-shifts-to-co?LS=GlobalBriefing%20nsumer-growth.htmlhttp://www.hedgefundintelligence.com/Article/2750152/AsiaHedge-Blogs/The-New-Big-Boys-Club.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Database-AsiaHedge-Indices-Performance.htmlhttp://www.hedgefundintelligence.com/Database-AsiaHedge-Indices-Performance.htmlhttp://www.hedgefundintelligence.com/Article/2694630/AsiaHedge-Industry-Analysis/What-next-for-the-renminbi.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2750152/AsiaHedge-Blogs/The-New-Big-Boys-Club.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2720224/AsiaHedge-Profiles/Sun-steers-Veritas-to-rich-pickings-in-China-as-market-shifts-to-co?LS=GlobalBriefing%20nsumer-growth.htmlhttp://www.hedgefundintelligence.com/Article/2720224/AsiaHedge-Profiles/Sun-steers-Veritas-to-rich-pickings-in-China-as-market-shifts-to-co?LS=GlobalBriefing%20nsumer-growth.htmlhttp://www.hedgefundintelligence.com/Article/2694641/AH-Q-A/MAS-outlines-new-regime-for-managers-in-Singapore.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2750171/AsiaHedge-Profiles/Value-Partners-reaps-rewards-of-a-carefully-cultivated-discipline.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2757769/AsiaHedge-News/Indus-launches-Asian-strategy-fund-on-Morgan-Stanley-platform.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2754338/AsiaHedge-News/HK-Financial-Secretary-John-Tsang-to-deliver-AsiaHedge-Forum-keynote.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2754338/AsiaHedge-News/HK-Financial-Secretary-John-Tsang-to-deliver-AsiaHedge-Forum-keynote.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2759882/AsiaHedge-News/Maples-hires-Colchester-to-head-Asia-expansion.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2759880/AsiaHedge-News/Institutionalised-funds-most-sought-by-investors-says-BNY-Mellon.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2759880/AsiaHedge-News/Institutionalised-funds-most-sought-by-investors-says-BNY-Mellon.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2759878/AsiaHedge-News/Threadneedle-taps-Miklavchich-for-emerging-markets.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2759877/AsiaHedge-News/Fund-managers-expect-ripe-returns-in-Asia.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2759875/AsiaHedge-News/Brummer-liquidates-Karakoram-fund.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2750169/AsiaHedge/AsiaHedge-Forum-2011-Levinson-Chan-and-Zhou-line-up-to-speak-in-Hong-Kong.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2750169/AsiaHedge/AsiaHedge-Forum-2011-Levinson-Chan-and-Zhou-line-up-to-speak-in-Hong-Kong.html?LS=GlobalBriefingmailto:rball%40hedgefundintelligence.com?subject=Global%20Briefingmailto:jbarfield%40hedgefundintelligence.com?subject=Global%20Briefingmailto:isanderson%40hedgefundintelligence.com?subject=Global%20Briefingmailto:ychan%40hedgefundintelligence.com?subject=Global%20Briefingmailto:aradhna%40hedgefundintelligence.com?subject=Global%20Briefing8/7/2019 HFI Global Briefing - February 2011
6/8GlobalBriefngis f mty pbicti To subscribe please go to www.hedgeundintelligence.com/globalbriefng February 2011 6
Covering the global
und o unds industry
Medians MeansStrategy Dec-10 YTD Dec-10 YTD
Arbitrage USD Index 1.14% 4.90% 1.06% 4.00%
Asian Pacifc Fund o Funds Index 1.24% 2.87% 2.03% 3.66%
Asset Based Lending Index -0.40% 3.31% -0.11% 1.74%
Commodities Index 3.84% 5.30% 3.93% 7.03%
Distressed Index 1.50% 7.02% 1.59% 7.03%
Emerging Managers Index 1.04% 5.01% 1.14% 4.32%
Emerging Markets Hedge USD Index 1.31% 5.08% 1.57% 6.80%
European Equity EUR Index 2.46% 4.51% 2.69% 4.56%
European Multi Strategy EUR Index 1.70% 4.13% -1.84% 0.11%
Fixed Income USD Index 1.83% 8.98% 1.70% 9.16%
Global Equity USD Index 2.19% 5.33% 2.40% 5.95%
Global Macro Currency USD Index 2.05% 5.10% 2.22% 6.12%
Global Multi Strategy EUR Index 1.55% 3.31% 1.78% 3.77%
Global Multi Strategy USD Index 1.83% 5.00% 1.92% 5.39%
Leveraged Global Multi-Strategy USD Index 2.49% 8.06% 2.87% 9.14%
US Equity Index 2.50% 6.94% 2.78% 7.88%
Composite Index 1.84% 4.86% 2.03% 5.41%
InveSTheDge InDICeS
%
MSCI The World Index Net
InvestHedge Leveraged Global Multi-Strategy USD
InvestHedge Global Multi-Strategy USD
InvestHedge Global Equity USD
InvestHedge European Multi-Strategy EUR
InvestHedge European Equity EUR
InvestHedge Composite
-4
-3
-2
-1
0
1
2
3
4
5
6
7
8
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-0
9
InveSTheDge MeDIan InDICeS vS MSCI WorlD
editi ctcts
Niki Natarajan, Editor, InvestHedge, niki@hedgeundintelligence.com
Susan Barreto, Deputy editor,InvestHedge,sbarreto@hedgeundintelligence.com
Ian Sanderson (US/Europe)
isanderson@hedgeundintelligence.com
+44 (0) 20 7779 7339
James Barfeld (US/Europe)
jbarfeld@hedgeundintelligence.com
+44 (0) 20 7779 7336
Robert Ball (Asia Pacifc)
rball@hedgeundintelligence.com
+852 2842 6996
F m ifmti hdFd Itic pdcts d sics, ps ctct:
Click the links to view. Subscription required unless noted otherwise.
laTeST neWS & analYSIS Fauchier Partners has an aggressive approach to risk-taking to
keep exposures on track
$36bn LACERA searches for bespoke provider
Ellis looks forward to creating the next generation of alpha-
fcsd mti-m ptis t M
New Permal/JP index raises $500m at launch
AP1 selects seven groups to advise on $1.5bn allocation
Quellos veteran Clarvit retires from BlackRock
Boston begins consultant search
Gottschalks HK move set to expand Gottex in Asia
Ohio PERS returns nearly 14% in 2010 LGTs Castle indulges in more CTAs and macro
FEATURES & PROFILES Blackstone Strategic backs those that want to be bigger, better,
fst
UKs Merseyside Pension goes direct with a little help from its
fids
CoMMenT (Free) Caveat emptor: beware of bespoke
InDuSTrY analYSIS Investors seeking golden opportunities
Funds of funds end 2010 on upbeat note
For the latest statistics please view theInvestHedge indices
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Clarvit-retires-from-BlackRock.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2760383/InvestHedge-News/AP1-selects-seven-groups-to-advise-on-15bn-allocation.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2760405/InvestHedge-News/New-PermalJP-index-raises-500m-at-launch.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2760402/InvestHedge-News/Ellis-looks-forward-to-creating-the-next-generation-of-alpha-focused-multi-manager-operations-at-Man.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2760402/InvestHedge-News/Ellis-looks-forward-to-creating-the-next-generation-of-alpha-focused-multi-manager-operations-at-Man.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2760367/InvestHedge-News/36bn-LACERA-searches-for-bespoke-provider.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2760392/InvestHedge/Fauchier-Partners-has-an-aggressive-approach-to-risk-taking-to-keep-exposures-on-track.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2760392/InvestHedge/Fauchier-Partners-has-an-aggressive-approach-to-risk-taking-to-keep-exposures-on-track.html?LS=GlobalBriefingmailto:rball%40hedgefundintelligence.com?subject=Global%20Briefingmailto:jbarfield%40hedgefundintelligence.com?subject=Global%20Briefingmailto:isanderson%40hedgefundintelligence.com?subject=Global%20Briefingmailto:sbarreto%40hedgefundintelligence.com?subject=Global%20Briefingmailto:niki%40hedgefundintelligence.com?subject=Global%20Briefinghttp://www.hedgefundintelligence.com/globalbriefing8/7/2019 HFI Global Briefing - February 2011
7/8GlobalBriefngis a ree monthly publication To subscribe please go to www.hedgeundintelligence.com/globalbriefng February 2011 7
%
MSCI Europe - Net
HedgeFund Intelligence Global Index - Composite
HedgeFund Intelligence Global Index UCITS
EuroHedge European Equity EUR Index (Median)
EuroHedge UCITS European Equity Index (Median)
-6
-3
0
3
6
9
12
15
Jan-11
Dec-1
0
Nov-1
0
Oct-1
0
Sep-10
Aug-10
Jul-1
0
Jun-10
May-1
0
Apr-10
Mar-10
Feb-10
Jan-10
UCITS INDICES VS EUROHEDGE EUROPEANEQUITY AND MSCI EUROPE
Medians MeansStrategy Jan-11 YTD Jan-11 YTD
Absolute UCITS European Equity Index 1.24% 1.24% 1.67% 1.67%
EuroHedge European Equity EUR Index -0.15% -0.15% -0.01% -0.01%
Absolute UCITS Single Manager Composite Index 0.64% 0.64% 0.79% 0.79%
HedgeFund Intelligence Global Index - Composite 0.28% 0.28% -0.13% -0.13%
JANUARY UCITS PERfORMANCE INDICES
EQUITY BENCHMARkSBenchmark index Jan-11 YTD
MSCI Europe - Net 1.93% 1.93%
FTSE 100 (London) -0.63% -0.63%
DAX (Frankfurt) 2.36% 2.36%
Absolute
UCITS
Editorial contacts
Joy Dunbar, Editor,Absolute UCITS,jdunbar@hedgeundintelligence.com
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isanderson@hedgeundintelligence.com
+44 (0) 20 7779 7339
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jbarfeld@hedgeundintelligence.com
+44 (0) 20 7779 7336
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LATEST NEwS & ANALYSIS Funds get off to a strong start in 2011
Financial services fund launches on Morgan Stanley platform
New merger arb fund indicates improving economic conditions
Aquilas flagship strategy tops $1 billion
Open architecture UCITS platform launches
IRELAND SPECIAL Funds flourish in Dublin despite sovereign debt woes
Will AIFMD nurture or kill off UCITS hedge funds?
Why domicile your fund in Ireland?
Prime brokers focus more on operational risk, says consultant
Daiwa launches UCITS services in Ireland
fEATURES AND PROfILES CastleRock launches UCITS hedge fund to compete with
long-only counterparts
UBS adds to UCITS platform offering
Launch of UCITS hedge funds creates investor buzz, according
to wealth manager
Undiscovered Europe: Opportunities for alpha?
COMMENT (fREE) Is the 2 and 20 fee structure a non-starter in the UCITS world?
Will UCITS hedge funds become a trillion dollar industry?
INDUSTRY ANALYSIS UCITS creates new business model for FOHFs, says Blacksquare
Hedge fund managers heading for a crossroads onshore, says
RwC
Managers need accurate OTC derivative valuations, says
consultant
Largest fund on AU database increases distribution to European
investors
Absolute UCITS European Index up 1.24%
For the latest statistics please view theAbsolute UCITS indices
Figures correct as of 7 January 2011
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HFI Global Briefing - February 2011
8/8
Global hedge fund assets
Source: HedgeFund Intelligence
Assets
bn
0
500
1,000
1,500
2,000
2,500
3,000 Global hedge fund assets (est)
2001
2002
2003
2004
2005
2006
2007
2008
2009
1H2010
Fund of funds assets (InvestHedge FoF Billion Dollar Club)
FUND OF FUNDS ASSETS VS TOTAl GlOBAl ASSETS
Growth of the global hedge fund industry
HedgeFund Intelligence compiles global asset data rom its databases
and surveys. The frm-specifc fgures, which are verifed on a
frm-by-frm basis, result in the most painstaking and accurate survey
o its kind.
To discuss the methodology o the Global Billion Dollar Club, please
contact any o our editors.
Nick Evans, Editor,EuroHedge, nevans@hedgeundintelligence.com
Aradhna Dayal, Editor,AsiaHedge, aradhna@hedgeundintelligence.com
Niki Natarajan, Editor,InvestHedge, niki@hedgeundintelligence.com
Michelle Celarier, Editor,AR Magazine, mcelarier@absolutereturn.net
GlobalBriefng s a fee mont ubaton To subscribe please go towwwhedgeundintelligence com/globalbriefng February 20118
ThE GlOBAl BilliON DOllAr clUB jUly 2010
locaton AUM ($bn) Numbe o fms % tota assets % tota undsNY, USA 706.44 124 46.03 39.49London, UK 238.82 52 15.56 16.56CT, USA 168.1 25 10.95 7.96CA, USA 70.03 16 4.56 5.10MA, USA 89.48 12 5.83 3.82Hong Kong 13.47 10 0.88 3.18TX, USA 25.59 8 1.67 2.55NJ, USA 25.32 5 1.65 1.59Sydney, Australia 19.67 5 1.28 1.59
MN, USA 16.53 5 1.08 1.59Singapore 6.15 5 0.40 1.59IL, USA 22.05 4 1.44 1.27Paris, France 15.39 4 1.00 1.27Hamilton, Bermuda 11.22 4 0.73 1.27Stockholm , Sweden 14.34 3 0.93 0.96WI, USA 9.85 3 0.64 0.96Rio de Janeiro, Brazil 5.13 3 0.33 0.96Toronto, Canada 4.14 3 0.27 0.96Tokyo, Japan 3.92 3 0.26 0.96GA, USA 11.84 2 0.77 0.64PA, USA 11.79 2 0.77 0.64So Paulo, Brazil 10.31 2 0.67 0.64Other 35.28 14 2.30 4.46Tota 1,534.86 302 100 100
Source: HedgeFund Intelligence. De-duplicated to account or groups with more than one ocial location
US hEDGE FUND lAUNchES (see atest New Fund Suve ee)
FirST hAlF* FUll yEAr*Numbe o unds Assets ased Numbe o unds Assets ased(assets ove $50m) ($m) (assets ove $50m) ($m)
2004 47 9,000 81 39,5002005 72 16,400 73 33,5002006 51 11,700 86 30,6002007 72 14,000 81 31,5002008 35 19,500 55 23,1702009 12 3,849 53 14,8902010 43 10,900 59 17,432*All frst-hal surveys only look at und launches above $25m while all ull-year surveys only look at undlaunches above $50m
EUrOpEAN hEDGE FUND lAUNchES (see New Fund Suve ee) FirST hAlF FUll yEAr
Numbe o unds Assets ased ($m) Numbe o unds Assets ased ($m)2004 128 9,430 253 22,790
2005 150 13,095 334 27,8162006 172 11,437 423 37,7702007 189 15,545 370 33,0872008 106 10,841 201 17,8582009 47 2,089 142 11,1462010 58 3,752 n/a n/a
ASiAN hEDGE FUND lAUNchES (see New Fund Suve ee)FirST hAlF FUll yEAr
Numbe o unds Assets ased ($m) Numbe o unds Assets ased ($m)2004 40 1,720 129 5,1802005 65 3,878 126 6,5892006 70 3,304 122 5,7632007 74 5,701 116 7,8342008 50 2,549 75 2,9752009 39 1,120 77 2,601
2010 53 2,127 n/a n/aSource: HedgeFund Intelligence
Measuring the assets o single-manager hedge und rms managing at least $1bn (notincluding unds o unds). Does not include the assets or smaller rms, which is whythe total below difers rom that o the global hedge und assets in the chart above.
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