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Eurekahedge Index Flash - April 2012

Eurekahedge Index Flash - April 2012

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Published by Eurekahedge
Equity investing hedge funds witness their best quarter since Q3 2009
Equity investing hedge funds witness their best quarter since Q3 2009

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Published by: Eurekahedge on Apr 09, 2012
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Index Flash
Equity investing hedge funds witness their best quartersince Q3 2009
1
 
Long/short equity, multi-strategy and relative value funds enjoy
 
their best quarter since Q3 2009
 After experiencing the best start to a year since 2000, hedge funds paused for a breather during March,delivering a marginally negative performance. With the exception of the US, most markets across theglobe registered declines and the
Eurekahedge Hedge Fund Index 
dipped 0.14% in March with the MSCIWorld Index up by 0.39% for the month.Key highlights for March 2012:
 
Long/short equity, multi-strategy and relative value funds witnessed their best quarter since 3Q2009 with gains of 6.1%, 4.93% and 4.29% respectively.
 
Assets in hedge funds crossed US$1.76 trillion, gaining over US$50 billion during the first threemonths of 2012.
 
Long-only absolute return funds saw gains of 11.4% in the first quarter of this year.
 
Hedge fund managers employing non-conventional strategies have grown their assets toUS$63.2 billion, their highest level since August 2008.
 
Relative value managers reached US$50 billion of capital for the first time on record.
 
Islamic funds outperformed other alternative vehicles, gaining 0.63% during March 2012.
 
More than 100 hedge funds have been launched globally as at the end of March this year.
Regional Indices
 March was a month filled with mixed returns across the various regional investment mandates. Earlyresults showed that Latin American hedge funds delivered the best performance this month and the
Eurekahedge Latin American Hedge Fund Index 
gained a notable 0.80% despite most emerging marketswitnessing sell-offs during this period – evident in the 3.50% decline in the MSCI Emerging MarketsIndex. Managers invested in the region had taken cautious positions in the Brazilian market-based risksof overvaluation and currency. Short positions in Brazil were helpful to portfolios and some managers alsoreported positive returns from long holdings in the broader region.North American managers witnessed their fourth consecutive month of positive returns with the
Eurekahedge North American Hedge Fund Index 
gaining 0.46%, bringing its year to date return to 4.63%.Overhang from the high risk aversion and volatility seen in 2H 2011 resulted in some careful positioningby North American hedge funds, effectively preventing most managers from capitalising on the strongpositive trend in 1Q 2012. The S&P 500 gained 12% in the first quarter of 2012, reflecting the best
 
Index Flash
Equity investing hedge funds witness their best quartersince Q3 2009
2
 
quarterly performance since 1998.
Strategy Indices
 Most strategic mandates delivered marginally positive results in March with hedge fund managersinvesting in fixed income products performing better than the rest. The
Eurekahedge Relative Value Hedge Fund Index 
gained 0.48% while the
Eurekahedge Fixed Income Hedge Fund Index 
was up 0.46%during the month. A number of managers reported gains from long positions in the high yield loans sectoras declining fears about the European debt situation led to a strong performance in lower rated bonds.CTA/managed futures and macro funds delivered the worst performance for March with a decrease of0.72% and 0.70% respectively. The weak performance of commodities during the month contributed tothe declines in these strategies. The DJ UBS Commodity Index dropped 4.14% and the S&P GoldmanSachs Commodity Index lost 2.36% with natural gas prices declining 22% during the month. Oil pricesalso saw a decline in March amid speculation of the release of strategic reserves and concerns of a
 
lowering demand due to slowdown in China. Some managers also reported losing out due to longpositions in gold.
Main Indices
 
March2012*
 
2012Returns
 
2011Returns
 
Eurekahedge HedgeFund Index-0.144.11-3.87  Eurekahedge Fund of Funds Index-0.452.55-5.63  Eurekahedge (Long-Only) AbsoluteReturn Fund Index-0.3511.40-14.26  Eurekahedge Islamic
 
Fund Index0.63 5.84-3.47 
Strategy Indices
 
March2012*
 
2012Returns
 
2011Returns
 
Eurekahedge ArbitrageHedge Fund Index0.13 3.71 0.98Eurekahedge CTA/ManagedFutures Hedge Fund Index-0.720.45-2.74  Eurekahedge Distressed DebtHedge Fund Index0.25 4.97-2.53 Eurekahedge Event Driven HedgeFund Index0.19 5.43-4.60 Eurekahedge Fixed Income HedgeFund Index0.46 3.75 0.88Eurekahedge Long/Short Equities
 
Hedge Fund Index0.05 6.10-7.02 Eurekahedge Macro Hedge Fund
 
Index-0.702.22-1.27  Eurekahedge Multi-Strategy Hedge
 
Fund Index0.43 4.93-2.05 Eurekahedge Relative Value Hedge
 
Fund Index0.48 4.29-0.12 
Regional Indices
 
March2012*
 
2012Returns
 
2011Returns
 
Eurekahedge North AmericanHedge Fund Index0.46 4.63-0.62 Eurekahedge European Hedge FundIndex0.49 5.17-6.33 Eurekahedge Eastern Europe &Russia Hedge Fund Index-1.198.87-20.07  Eurekahedge Japan Hedge Fund
 
Index0.47 4.20-1.54 Eurekahedge Emerging Markets
 
Hedge Fund Index-0.286.66-8.05  Eurekahedge Asia ex-Japan Hedge
 
Fund Index-2.725.53-12.44  Eurekahedge Latin American
 
Hedge Fund Index0.80 5.51 2.59
Mizuho-Eurekahedge Indices
 
March2012*
 
2012Returns
 
2011Returns
 
Mizuho-Eurekahedge Index - USD-0.892.80-2.08  Mizuho-Eurekahedge TOP 100
 
Index - USD-0.642.37 1.87Mizuho-Eurekahedge TOP 300
 
Index - USD-0.822.32 0.04
* Based on 26.94% of funds which have reported March 2012returns as at 9 April 2012.
 
Eurekahedge indices are available for download from www.eurekahedge.com/indices/hedgefundindices.asp and are updated with the latest fund returns at 23:30 GMT every day. Index values and data can be downloaded forfree and subscribers can download the full list of index constituents. Please contact indices@eurekahedge.com  for more information.In addition to our existing databases, we have incorporated Travel Plans, a new feature for our esteemedsubscribers. Travel Plans will allow fund managers to update their travel schedule onto their fund's profile page

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