Press Release

8th March 2016

Preqins Most Consistent Performing Hedge Funds

Preqin issues league tables of funds that have consistently generated higher returns and lower
volatility than their peers over the past three years
Drawing on data compiled for the 2016 Preqin Global Hedge Fund Report, Preqin has created league tables of hedge
funds that have most consistently delivered strong, stable performance. These league tables do not seek in any way
to endorse these funds, but rather to illustrate those that have performed the most consistently over the period
January 2013 December 2015. Seven top-level strategies are represented; equity strategies, macro strategies,
event driven strategies, credit strategies, relative value strategies, multi-strategies and CTAs.
Methodology:
From its Hedge Fund Online database of over 14,000 hedge funds, Preqin ranked the 1,761 qualifying funds (those
with a full performance record across the past three years) using a percentile rank methodology over each of the
following metrics: annualized return, annualized volatility, Sharpe ratio and Sortino ratio. The score of each fund
was then derived through an equally weighted average of the four percentile values, and used to determine the funds
Consistency Rating. Where a Sortino ratio could not be calculated (due to the fund not generating a negative return in
the sample period) the fund was given a percentile score of 100 for its Sortino ratio metric.
Most Consistent Performing Hedge Funds:

th

Equity Strategies Eight of the top 10 consistent performing equity strategies funds scored in the 90 percentile
for each metric. The highest rank was for the Taiga Fund Class A, with a consistency score of 94.40. Peregrine
Capital and 36ONE Asset Management each had two funds in the top five.
Macro Strategies The top macro strategies consistency score was 93.60 for the BNY Mellon ARX Hedge FIM
fund. ARX Investimentos and Verde Asset Management each had three funds in the top ten.
Event Driven Strategies The top ranked event driven strategies fund was Context BH Partners Founders
Class, run by Context Capital Partners, which scored 91.48. Owl Creek Asset Management had two funds in the
top ten.
Credit Strategies Polo Credito Privado FIM, with a consistency score of 95.70, was the highest ranked fund of
any strategy. Capitania and Evolution Capital Management each had two funds in the top ten.
Relative Value Strategies The Peregrine Capital Pure Hedge Fund was the most consistent performing
relative value strategy fund, with a consistency score of 92.93.
Multi-Strategy JGP Strategy, from JGP Global Gesto de Recursos, had the top consistency score of 91.65.
None of the top ten most consistent performing funds are run by US-based fund managers, while just two are run
by Europe-based managers.
CTAs The top score among CTAs was for the Esulep LLC Permo Fund, run by Esulep, which scored 91.98.
Von Preussen-Hohenberg Management AG had two funds in the top ten.
For more information and to view the league tables, please see the factsheet below
To request a complimentary press copy of the 2016 Preqin Global Hedge Fund Report, please email:
press@preqin.com

______________________________________________________________________________________________
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Web: www.preqin.com / info@preqin.com

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publications and bespoke data requests.
Preqin has built a reputation in the alternative assets industry for providing the most comprehensive and extensive information
possible. Leading alternative assets professionals from around the world rely on Preqins services daily, and its data and statistics
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Note to Editors:

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Equity Intelligence.
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London: 3rd Floor, Vintners Place, 68 Upper Thames Street, London, EC4V 3BJ Tel: +44 (0)20 3207 0200
Singapore: One Finlayson Green, #11-02, Singapore, 049246 Tel: +65 6305 2200
San Francisco: One Embarcadero Center, Suite 2850, San Francisco, CA 94111 Tel: +1 415 316 0580
Hong Kong: Level 9, Central Building, 1-3 Pedder Street, Central, Hong Kong Tel: +852 3958 2819
Manila: Pascor Drive, Sto. Nio, Paraaque City, Metro Manila 1700
Web: www.preqin.com / info@preqin.com

View the full edition of Spotlight at: https://www.preqin.com/docs/newsletters/hf/Preqin-Hedge-Fund-Spotlight-February-2016.pdf

Lead Article

Download Data

Most Consistent Top Performing Hedge Funds

Most Consistent Top Performing

Hedge Funds
Methodology
These funds were determined as the most consistent by
using a percentile rank methodology, whereby each of four
metrics (annualized return, annualized volatility, Sharpe ratio
and Sortino ratio) were representatively graded in a sample
population of all hedge funds with performance data on Preqins

Hedge Fund Analyst database over two sample periods.

The average score of each fund was then derived through
an average of the four percentile values and solely used to
determine fund consistency. Where a Sortino ratio could not be
calculated due to the fund not generating a negative return in
the sample period, the fund was given a percentile score of 100
for its Sortino ratio metric.

Fig. 1: Most Consistent Performing Equity Strategies Funds, January 2013 - December 2015*
Fund
Taiga Fund - Class A - NOK
Peregrine Performance Fund
Peregrine High Growth Fund
36ONE Hedge Fund
36ONE Fund
Fiera Capital Long/Short Equity
GAP Long Short

Manager

Core Strategy

Taiga Fund Management

Peregrine Capital
Peregrine Capital
36ONE Asset Management
36ONE Asset Management
Fiera Capital Corporation
GAP Asset Management

Long/Short Equity
Long/Short Equity
Long/Short Equity
Long/Short Equity
Long/Short Equity
Long/Short Equity
Long/Short Equity
Equity Market Neutral, Long/Short
Equity
Long/Short Equity
Long Bias

PCJ Absolute Return Fund

PCJ Investment Counsel

Oceana Long Short FIM

JM Catalyst Fund - Class A

Oceana Investimentos
JM Fund Management

*Based on a universe of 507 funds fulfilling the selection criteria.

Consistency
Score
94.40
93.38
92.43
91.68
91.58
91.58
91.38
90.55
89.15
88.75

Source: Preqin Hedge Fund Online

Fig. 2: Most Consistent Performing Macro Strategies Funds, January 2013 - December 2015*
Manager

Core Strategy

ARX Investimentos
ARX Investimentos
ARX Investimentos

Macro
Foreign Exchange
Macro

Consistency
Score
93.60
93.38
91.88

Canvas Capital

Macro

91.33

Alternative Asset Management Limited

Foreign Exchange

88.50

Verde Asset Management

Verde Asset Management
Polo Capital Management
Verde Asset Management
SPX Capital

Macro
Macro
Macro
Macro
Macro

87.95
87.18
87.18
86.08
85.85

Fund
BNY Mellon ARX Hedge FIM
BNY Mellon ARX Extra FIM
BNY Mellon ARX Hedge Plus FIM
Peninsula Hedge FIM - Canvas Classic CSHG FIC
FIM
Alternative Currency Management Program - No
Leverage
CSHG Verde
CSHG Verde 14
Polo Macro FIM
CSHG Verde 90
SPX Nimitz Feeder

*Based on a universe of 134 funds fulfilling the selection criteria.

Source: Preqin Hedge Fund Online

Fig. 3: Most Consistent Performing Event Driven Strategies Funds, January 2013 - December 2015*
Fund
Context BH Partners - Founders' Class
Gardner Lewis Merger Arbitrage Fund III
Cygnus Europa Event Driven - Class A
Ramius Merger Fund LLC - Class A
Owl Creek Asia II, LP
KG Investments Fund LLC
Owl Creek Asia Fund, Ltd
Corrib Offshore Fund
Orsay Merger Arbitrage Fund - Class 2 EUR
Sandon Capital Activist Fund

Manager

Core Strategy

Context Capital Partners

Gardner Lewis Asset Management
Cygnus Asset Management
Ramius
Owl Creek Asset Management
KG Funds Management
Owl Creek Asset Management
Corrib Capital Management
Oddo Asset Management
Sandon Capital

Event Driven
Risk/Merger Arbitrage
Event Driven
Risk/Merger Arbitrage
Event Driven
Special Situations
Event Driven
Event Driven
Risk/Merger Arbitrage
Event Driven

*Based on a universe of 149 funds fulfilling the selection criteria.

Hedge Fund Spotlight / February 2016

Consistency
Score
91.48
87.85
86.08
86.08
85.05
84.53
83.48
82.18
80.93
78.58

Source: Preqin Hedge Fund Online

2016 Preqin Ltd. / www.preqin.com

View the full edition of Spotlight at: https://www.preqin.com/docs/newsletters/hf/Preqin-Hedge-Fund-Spotlight-February-2016.pdf

Lead Article

Download Data

Most Consistent Top Performing Hedge Funds

Fig. 4: Most Consistent Performing Credit Strategies Funds, January 2013 - December 2015*
Fund
Polo Credito Privado FIM
FTM Ltd - Class A
Capitania Multi Credito Privado FIC FIM
RMBS Securitized Products Fund
Capitania Index Credito Privado FIC FIRF
Evolution Consumer Lending Fund LP
Evolution Income Master Fund Ltd
STS Partners Fund

Manager

Core Strategy

Polo Capital Management

FTM
Capitania
RMBS Management
Capitania
Evolution Capital Management
Evolution Capital Management

Long/Short Credit
Asset-Backed Lending Strategies
Asset-Backed Lending Strategies
Mortgage-Backed Strategies
Asset-Backed Lending Strategies
Asset-Backed Lending Strategies
Asset-Backed Lending Strategies
Asset-Backed Lending Strategies,
Mortgage-Backed Strategies
Long/Short Credit
Specialist Credit

Deer Park Road

Northlight European Fundamental Credit Fund

Serone Key Opportunities Fund - B EUR

Northlight Group
Serone Capital Management

*Based on a universe of 194 funds fulfilling the selection criteria.

Consistency
Score
95.70
93.30
93.05
91.75
91.15
89.28
87.40
86.40
84.48
80.78

Source: Preqin Hedge Fund Online

Fig. 5: Most Consistent Performing Relative Value Strategies Funds, January 2013 - December 2015*
Fund
Peregrine Capital Pure Hedge Fund
Cigogne Fund - Convertible Arbitrage
Polygon Convertible Opportunity Fund - Class A
Volatility Arbitrage Fund
Quest Global Convertible Master Fund Ltd.
Semper MIDAS Fund LP
Cigogne Fund - Credit Arbitrage
Done Hedge Fund
Akito Fund - JPY Class B Series 1
Forge First Multi Strategy - Series F

Manager

Core Strategy

Peregrine Capital
Cigogne Management
Polygon Global Partners LLP
Old Mutual Customised Solutions
Quest Global Advisors
Semper Capital Management
Cigogne Management
Done Fund Management
ACG Management
Forge First Asset Management

Equity Market Neutral

Convertible Arbitrage
Convertible Arbitrage
Statistical Arbitrage
Convertible Arbitrage
Fixed Income Arbitrage
Convertible Arbitrage
Equity Market Neutral
Equity Market Neutral
Equity Market Neutral

*Based on a universe of 251 funds fulfilling the selection criteria.

Consistency
Score
92.93
89.28
88.40
86.73
85.68
85.30
84.63
84.63
84.30
80.48

Source: Preqin Hedge Fund Online

Fig. 6: Most Consistent Performing CTAs, January 2013 - December 2015*

Manager

Core Strategy

Esulep
Von Preussen-Hohenberg Management
AG
McMillan Asset Management
QTS Capital Management
Diamond Capital Management
Fenja Funds
Millburn Ridgefield Corporation
Von Preussen-Hohenberg Management
AG
Cauldron Investment Co.
Typhon Capital Management

Managed Futures/CTA

Consistency
Score
91.98

Managed Futures/CTA

91.20

Managed Futures/CTA
Managed Futures/CTA
Managed Futures/CTA
Managed Futures/CTA
Managed Futures/CTA

91.20
90.85
89.95
89.60
88.05

Managed Futures/CTA

87.80

Managed Futures/CTA
Managed Futures/CTA

85.83
85.75

Fund
Esulep LLC Permo Fund
Delta Stream Level 0
Volatility Capture - Retirement Eligible
QTS Partners
Diamond Enhanced S&P Program
Fenja FUND Multi Strategy Ltd.
Millburn Commodity Fund L.P.
Global Macro Universal
Cauldron Investment Stock Index Plus
Trevinci Liquid Ag Strategy (SMA)

*Based on a universe of 381 funds fulfilling the selection criteria.

Source: Preqin Hedge Fund Online

Fig. 7: Most Consistent Performing Multi-Strategy Funds, January 2013 - December 2015*
Fund
JGP Strategy
TRZ Funds Global Arbitrage Fund - EUR Class
BNY Mellon ARX Target FIM
NEO Multi Estrategia Multimercado
Kadima II FIC FIM
Fairtree Woodland Multi Strategy Fund
CSHG All Ibiuna Hedge
Chenavari - Multi Strategy - MS2 EUR
BNY Mellon ARX Especial FIM
Nkwe Multi Strategy Fund
*Based on a universe of 145 funds fulfilling the selection criteria.

Hedge Fund Spotlight / February 2016

Manager

Core Strategy

JGP Global Gesto de Recursos

TRZ Funds
ARX Investimentos
Neo Investimentos
Kadima Asset Management
Fairtree Capital
Verde Asset Management
Chenavari Investment Managers
ARX Investimentos
G3 Fund Management

Multi-Strategy
Multi-Strategy
Multi-Strategy
Multi-Strategy
Multi-Strategy
Multi-Strategy
Multi-Strategy
Multi-Strategy
Multi-Strategy
Multi-Strategy

Consistency
Score
91.65
89.93
88.48
88.45
83.58
83.28
80.95
79.83
76.95
76.65

Source: Preqin Hedge Fund Online

2016 Preqin Ltd. / www.preqin.com

View the full edition of Spotlight at: https://www.preqin.com/docs/newsletters/hf/Preqin-Hedge-Fund-Spotlight-February-2016.pdf

Lead Article

Download Data

Most Consistent Top Performing Hedge Funds

Fig. 8: Most Consistent Performing Equity Strategies Funds, January 2011 - December 2015*
Fund
Peregrine Performance Fund
36ONE Hedge Fund
Peregrine High Growth Fund
36ONE Fund
GAP Long Short
BNY Mellon ARX Long Short FIC FIM
Oceana Long Short FIM
JM Catalyst Fund - Class A
CSHG Equity Hedge Fund
Bresser Hedge Fund

Manager

Core Strategy

Peregrine Capital
36ONE Asset Management
Peregrine Capital
36ONE Asset Management
GAP Asset Management
ARX Investimentos
Oceana Investimentos
JM Fund Management
Verde Asset Management
Bresser Asset Management

Long/Short Equity
Long/Short Equity
Long/Short Equity
Long/Short Equity
Long/Short Equity
Long/Short Equity
Long/Short Equity
Long Bias
Long Bias
Long/Short Equity

*Based on a universe of 619 funds fulfilling the selection criteria.

Consistency
Score
95.63
95.28
95.13
94.88
94.55
93.78
93.08
92.35
91.18
90.95

Source: Preqin Hedge Fund Online

Fig. 9: Most Consistent Performing Macro Strategies Funds, January 2011 - December 2015*
Fund
BNY Mellon ARX Extra FIM
BNY Mellon ARX Hedge FIM
BNY Mellon ARX Hedge Plus FIM
Polo Macro FIM
CSHG Verde
CSHG Verde 14
CSHG Verde 90
SPX Nimitz Feeder
CSHG Agar Fund
FRAM Capital Nansen

Manager

Core Strategy

ARX Investimentos
ARX Investimentos
ARX Investimentos
Polo Capital Management
Verde Asset Management
Verde Asset Management
Verde Asset Management
SPX Capital
Verde Asset Management
FRAM Capital

Foreign Exchange
Macro
Macro
Macro
Macro
Macro
Macro
Macro
Macro
Macro

*Based on a universe of 139 funds fulfilling the selection criteria.

Consistency
Score
96.68
94.10
93.10
92.05
90.78
90.25
88.75
88.75
87.98
87.43

Source: Preqin Hedge Fund Online

Fig. 10: Most Consistent Performing Event Driven Strategies Funds, January 2011 - December 2015*
Fund
KG Investments Fund LLC
Sandon Capital Activist Fund
Cygnus Europa Event Driven - Class A
Pengana Absolute Return Asia Pacific Fund
Cube Global Opportunities - Class A USD
Numina Capital Fund, LP
Third Point Offshore Master Fund
Canyon Value Realization Fund, L.P.
Moab Partners LP
SFP Value Realization Master Fund - USD A Class

Manager

Core Strategy

KG Funds Management
Sandon Capital
Cygnus Asset Management
Pengana Capital
Cube Capital
Numina Capital Management
Third Point Management
Canyon Partners
Moab Capital Partners
Symphony Financial Partners

Special Situations
Event Driven
Event Driven
Event Driven
Event Driven
Event Driven
Event Driven
Distressed
Event Driven
Event Driven

*Based on a universe of 113 funds fulfilling the selection criteria.

Consistency
Score
90.63
87.80
84.05
84.05
82.80
81.55
79.38
76.53
75.33
75.30

Source: Preqin Hedge Fund Online

Fig. 11: Most Consistent Performing Credit Strategies Funds, January 2011 - December 2015*
Fund
Polo Credito Privado FIM
Capitania Multi Credito Privado FIC FIM
Capitania Index Credito Privado FIC FIRF
STS Partners Fund
FTM Ltd - Class A
RMBS Securitized Products Fund
400 Capital Credit Opportunities Fund LP
Structured Servicing Holdings Offshore
III Credit Opportunities Fund L.P. - Seed Series
Asgard Fixed Income Fund - Euro Class
*Based on a universe of 124 funds fulfilling the selection criteria.

Hedge Fund Spotlight / February 2016

Manager

Core Strategy

Polo Capital Management

Capitania
Capitania

Consistency
Score
94.63
92.40
91.60

FTM

Long/Short Credit
Asset-Backed Lending Strategies
Asset-Backed Lending Strategies
Asset-Backed Lending Strategies,
Mortgage-Backed Strategies
Asset-Backed Lending Strategies

RMBS Management

Mortgage-Backed Strategies

83.63

400 Capital Management

Structured Portfolio Management
III Capital Management
Plinius Capital

Long/Short Credit
Mortgage-Backed Strategies
Long/Short Credit
Long/Short Credit

75.65
75.23
74.90
74.15

Deer Park Road

88.95
88.23

Source: Preqin Hedge Fund Online

2016 Preqin Ltd. / www.preqin.com

View the full edition of Spotlight at: https://www.preqin.com/docs/newsletters/hf/Preqin-Hedge-Fund-Spotlight-February-2016.pdf

Lead Article

Download Data

Most Consistent Top Performing Hedge Funds

Fig. 12: Most Consistent Performing Relative Value Strategies Funds, January 2011 - December 2015*
Manager

Core Strategy

Peregrine Capital
Polygon Global Partners LLP
Old Mutual Customised Solutions
Quest Global Advisors

Equity Market Neutral

Convertible Arbitrage
Statistical Arbitrage
Convertible Arbitrage

Consistency
Score
95.63
85.90
84.70
82.98

Danske Invest

Fixed Income Arbitrage

82.50

Old Mutual Customised Solutions

Relative Value Arbitrage

Long/Short Equity, Relative Value
Arbitrage
Equity Market Neutral, Statistical
Arbitrage
Fixed Income Arbitrage
Fixed Income Arbitrage

80.78

Fund
Peregrine Capital Pure Hedge Fund
Polygon Convertible Opportunity Fund - Class A
Volatility Arbitrage Fund
Quest Global Convertible Master Fund Ltd.
Danske Invest Hedge Fixed Income Strategies Fund
-S
Old Mutual Aristeia Opportunities Fund
Bresser Plus Hedge Fund
ABCA Reversion Fund - Class A EUR

Bresser Asset Management

ABC Arbitrage Asset Management

The Proton Fund

III Fund L.P. - Series 1

Fairtree Capital
III Capital Management

*Based on a universe of 197 funds fulfilling the selection criteria.

80.33
78.83
78.63
76.90

Source: Preqin Hedge Fund Online

This article is an excerpt from the 2016 Preqin Global Hedge Fund Report, the most
comprehensive review of hedge funds ever undertaken.
2016 Preqin Global
Hedge Fund
Report

Covering a wide range of topics, with expert commentary, key trends from recent years, historical
statistics, league tables and survey results, the Report offers exclusive insight into the latest
developments affecting the industry.
For more information, view samples or order your copy, please visit:
www.preqin.com/ghfr

ISBN: 978-1-907012-88-4
$175 / 105 / 150
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Hedge Fund Spotlight / February 2016

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2016 Preqin Ltd. / www.preqin.com