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Intelligence
monthly performance data, News and analysis for the global hedge fund industry
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CONTENTS
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1 Global summary
MSCI World Index - Net
2 HFI news, data and research
HedgeFund Intelligence Global Index - Macro
3 The Americas summary
HedgeFund Intelligence Global Index - Managed Futures
HedgeFund Intelligence Global Index - Event Driven 4 Europe summary
HedgeFund Intelligence Global Index - Equity 5 Asia-Pacific summary
HedgeFund Intelligence Global Index - Emerging Market Equity 6 Funds of hedge funds/investor summary
HedgeFund Intelligence Global Index - Emerging Market Debt 7 Absolute UCITS
HedgeFund Intelligence Global Index - Composite
8 Growth of hedge fund industry assets
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Anthony Muh, HRL Morrison & Co
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Overview RELATED ARTICLES
by Fund Name Absolute Return U.S. Equity Index
by Performance Nuclear-powered Thunder tops the AR
SERVICE PROVIDERS
by Chart new
Absolute
AUM Less than $10m gold prices soar
BROWSE FIRMS
Currency USD 5 December 2007
by Name Domicile Delaware
by AUM Inception date January 2002 Poof! $35 billion gone from hedge
funds
UCITS
by Location This is a sector-specific long/short fund
INVESTMENT TERMS 1 March 2007
INCLUDE?
Hurdle rate Yes/No Management fee X% Gold: Funds soar on rally
Active funds
Absolute
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2010 X% X% X% X% X% X% X% X% X% X% X% X% X%
2009 X% X% X% X% X% X% X% X% X% X% X% X% X%
2008 X% X% X% X% X% X% X% X% X% X% X% X% X%
UCITS
2007 X% X% X% X% X% X% X% X% X% X% X% X% X%
2006 X% X% X% X% X% X% X% X% X% X% X% X% X%
2005 X% X% X% X% X% X% X% X% X% X% X% X% X%
2004 X% X% X% X% X% X% X% X% X% X% X% X% X%
www.hedgefundintelligence.com
Absolute
UCITS
Absolute
UCITS
Absolute
UCITS
GlobalBriefing
Email info@hedgefundintelligence.com Head of research & data Asia-Pacific Managing editor Neil Wilson
Telephone +44 (0) 20 7779 7330 Damian Alexander Wing-Yung Lok nwilson@hedgefundintelligence.com
Fax +44 (0) 20 7779 7331 dalexander@hedgefundintelligence.com data@asiahedge.com Online editor (AR) Josh Friedlander
Published by HedgeFund Intelligence, Nestor House, Europe Funds of Hedge Funds Group publisher John Willis
Playhouse Yard, London EC4V 5EX Samantha Munday Meera Mehta Managing director John Orchard
data@eurohedge.com data@investhedge.com
Production Mark Hills-Haney/Loveday Cuming
Americas UCITS
Customer Services
Amal Robleh Jack Young +44 (0) 20 7779 8610
data@hedgefundintelligence.com data@absoluteucits.com customerservices@euromoneyplc.com
For more information on HedgeFund Intelligence products and services, please contact:
Ian Sanderson (US/Europe) James Barfield (US/Europe) Robert Ball (Asia Pacific)
isanderson@hedgefundintelligence.com jbarfield@hedgefundintelligence.com rball@hedgefundintelligence.com
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Covering the single-manager hedge
fund industry in the Americas
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market share
S&P 500
MSCI World
Absolute Return Composite Index Editorial contacts
Absolute Return Global Equity Michelle Celarier, Editor, AR Magazine, mcelarier@absolutereturn.net
Absolute Return U.S. Equity Josh Friedlander, Online editor, AR Magazine, jfriedlander@absolutereturn.net
For more information on HedgeFund Intelligence products and services, please contact:
Ian Sanderson (US/Europe) James Barfield (US/Europe) Robert Ball (Asia Pacific)
isanderson@hedgefundintelligence.com jbarfield@hedgefundintelligence.com rball@hedgefundintelligence.com
+44 (0) 20 7779 7339 +44 (0) 20 7779 7336 +852 2842 6996
eUROHEDGE AWARDS
EuroHedge Global Equity USD Index
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• CQS and BlueCrest lead 2010 EuroHedge Awards winners
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For more information on HedgeFund Intelligence products and services, please contact:
Ian Sanderson (US/Europe) James Barfield (US/Europe) Robert Ball (Asia Pacific)
isanderson@hedgefundintelligence.com jbarfield@hedgefundintelligence.com rball@hedgefundintelligence.com
+44 (0) 20 7779 7339 +44 (0) 20 7779 7336 +852 2842 6996
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For more information on HedgeFund Intelligence products and services, please contact:
Ian Sanderson (US/Europe) James Barfield (US/Europe) Robert Ball (Asia Pacific)
isanderson@hedgefundintelligence.com jbarfield@hedgefundintelligence.com rball@hedgefundintelligence.com
+44 (0) 20 7779 7339 +44 (0) 20 7779 7336 +852 2842 6996
%
8 COMMENT (FREE)
7 • Caveat emptor: beware of bespoke MSCI The World In
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5 industry analysis InvestHedge Arbit
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• Investors seeking golden opportunities
InvestHedge Glob
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InvestHedge Asian
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0 InvestHedge US Eq
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InvestHedge Com
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For more information on HedgeFund Intelligence products and services, please contact:
Ian Sanderson (US/Europe) James Barfield (US/Europe) Robert Ball (Asia Pacific)
isanderson@hedgefundintelligence.com jbarfield@hedgefundintelligence.com rball@hedgefundintelligence.com
+44 (0) 20 7779 7339 +44 (0) 20 7779 7336 +852 2842 6996
Comment
Absolute(free)
UCITS Single Manager Composite Index
6 • Is the 2 and 20 fee structure a non-starter in the UCITS world?
• Will UCITS hedge funds become a trillion dollar industry?
EuroHedge European Equity EUR Index (Median)
3
Industry Analysis
• UCITS creates new
Absolute business
UCITS modelEquity
European for FOHFs,
Indexsays Blacksquare
0 • Hedge fund managers heading for a crossroads onshore, says
RWC
• Managers need accurate OTC derivative valuations, says
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consultant
• Largest fund on AU database increases distribution to European
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For more information on HedgeFund Intelligence products and services, please contact:
Ian Sanderson (US/Europe) James Barfield (US/Europe) Robert Ball (Asia Pacific)
isanderson@hedgefundintelligence.com jbarfield@hedgefundintelligence.com rball@hedgefundintelligence.com
+44 (0) 20 7779 7339 +44 (0) 20 7779 7336 +852 2842 6996
2,500
2,000
Assets $bn
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Source: HedgeFund Intelligence
1H
HedgeFund Intelligence compiles global asset data from its databases contact any of our editors.
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and surveys. The firm-specific figures, which are verified on a Nick Evans, Editor, EuroHedge, nevans@hedgefundintelligence.com
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firm-by-firm basis, result in the most painstaking and accurate survey Aradhna Dayal, Editor, AsiaHedge, aradhna@hedgefundintelligence.com
of its kind. Niki Natarajan, Editor, InvestHedge, niki@hedgefundintelligence.com
To discuss the methodology of the Global Billion Dollar Club, please Michelle Celarier, Editor, AR Magazine, mcelarier@absolutereturn.net
the global billion dollar club – july 2010 US hedge fund launches (see latest New Fund Survey here)
FIRST HALF* FULL YEAR*
Measuring the assets of single-manager hedge fund firms managing at least $1bn (not Number of funds Assets raised Number of funds Assets raised
including funds of funds). Does not include the assets for smaller firms, which is why (assets over $50m) ($m) (assets over $50m) ($m)
the total below differs from that of the global hedge fund assets in the chart above. 2004 47 9,000 81 39,500
2005 72 16,400 73 33,500
Location AUM ($bn) Number of firms % total assets % total funds 2006 51 11,700 86 30,600
2007 72 14,000 81 31,500
NY, USA 706.44 124 46.03 39.49
2008 35 19,500 55 23,170
London, UK 238.82 52 15.56 16.56
2009 12 3,849 53 14,890
CT, USA 168.1 25 10.95 7.96 2010 43 10,900 59 17,432
CA, USA 70.03 16 4.56 5.10 *All first-half surveys only look at fund launches above $25m while all full-year surveys only look at fund
MA, USA 89.48 12 5.83 3.82 launches above $50m
Hong Kong 13.47 10 0.88 3.18 European hedge fund launches (see New Fund Survey here)
TX, USA 25.59 8 1.67 2.55 FIRST HALF FULL YEAR
NJ, USA 25.32 5 1.65 1.59 Number of funds Assets raised ($m) Number of funds Assets raised ($m)
Sydney, Australia 19.67 5 1.28 1.59 2004 128 9,430 253 22,790
MN, USA 16.53 5 1.08 1.59 2005 150 13,095 334 27,816
Singapore 6.15 5 0.40 1.59 2006 172 11,437 423 37,770
IL, USA 22.05 4 1.44 1.27 2007 189 15,545 370 33,087
Paris, France 15.39 4 1.00 1.27 2008 106 10,841 201 17,858
2009 47 2,089 142 11,146
Hamilton, Bermuda 11.22 4 0.73 1.27
2010 58 3,752 n/a n/a
Stockholm, Sweden 14.34 3 0.93 0.96
WI, USA 9.85 3 0.64 0.96
Asian hedge fund launches (see New Fund Survey here)
Rio de Janeiro, Brazil 5.13 3 0.33 0.96
FIRST HALF FULL YEAR
Toronto, Canada 4.14 3 0.27 0.96 Number of funds Assets raised ($m) Number of funds Assets raised ($m)
Tokyo, Japan 3.92 3 0.26 0.96 2004 40 1,720 129 5,180
GA, USA 11.84 2 0.77 0.64 2005 65 3,878 126 6,589
PA, USA 11.79 2 0.77 0.64 2006 70 3,304 122 5,763
São Paulo, Brazil 10.31 2 0.67 0.64 2007 74 5,701 116 7,834
Other 35.28 14 2.30 4.46 2008 50 2,549 75 2,975
Total 1,534.86 302 100 100 2009 39 1,120 77 2,601
Source: HedgeFund Intelligence. De-duplicated to account for groups with more than one official location 2010 53 2,127 n/a n/a
Source: HedgeFund Intelligence