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MIND THE GAP: Third Quarter Update of the 2021 Global Hedge Fund Annual Survey

Author: Eric Uhlfelder
15 November 2021 Sharp third quarter volatility sent markets and the hedge fund industry sideways for the period. But during this time, the Top 50 funds added nearly two full percentage points, supported by hedged equity, macro, and emerging market managers. One measure of the continuing long-term consistency of this select group of funds is seen in 26 having registered double-digit returns in 2021 through September compared to 3 that have logged double-digit losses. In addition to examining performance of various strategies and funds along with allocator commentary, this update highlights expanding economic, market, and macro divides that pose increasing challenges to fund managers and investors trying to sustain performance while negotiating precipitous market peaks.

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AND THE BAND PLAYS ON: Mid-Year update of the 2021 Global Hedge Fund Survey

Author: Eric Uhlfelder
01 September 2021 The 2021 Global Hedge Fund Survey published in June, which ranked the 50 top-performing funds over the trailing five years through 2020, found as a group they continued to outperform their peers and kept pace with the market during the first quarter. Through the 2nd quarter, the Top 50 again outperformed the hedge fund industry, led by distressed securities and hedged equity. But a relentless bull market surged ahead, ignoring various unanticipated macro trend shift that weighed on fixed-income, credit and macro strategies.

Mid-Year update of the 2021 Global Hedge Fund Survey Click here to view this article in its entirety.

2021 GLOBAL SURVEY OF THE TOP 50 HEDGE FUNDS:
Hedge Fund Investing During The Time of Covid-19: Part II

Author: Eric Uhlfelder

30 June 2021

Eric Uhlfelder’s 18th annual global hedge fund survey reaffirms many of the same findings he reported in previous annual surveys commissioned by The Financial Times, Barron’s, The Wall Street Journal, and last year by SALT. Based on the highest annualized performance over the last five years, the Top 50 funds collectively delivered gains that virtually matched the S&P 500 with significantly less risk and low correlation to the market. Further, in spite of the sharp market collapse a year ago March, 2020 returns of these funds more than doubled the hedge fund industry average gains and outpaced the S&P 500 by nearly 6 full percentage points. The survey tracks various performance and risk metrics, and fund correlation to the S&P 500. The study also includes extensive interviews with leading global allocators, hedge fund managers, economists, and consultants.



2021 GLOBAL SURVEY OF THE TOP 50 HEDGE FUNDS Click here to view this article in its entirety.

THE YEAR OF LIVING DANGEROUSLY: 2020 Performance of the Top 50 Hedge Funds based on Trailing 5-Year Net Returns Through 2019

Author: Eric Uhlfelder

March 2021, Commissioned by SALT

The Top 50 hedge funds identified in last year’s SALT-commissioned study generated 1-year net returns through 2020 that virtually kept pace with the market, but with less volatility and drawdown. This was precisely the same compelling findings uncovered by the study that produced this list of best-performing funds based on net 5-year annualized returns through 2019.



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Thriving During Covid-19: Performance of the Top 50 Hedge Funds in 2020 through the 3Q20

Author: Eric Uhlfelder

15 November 2020, Commissioned by SALT

The 2020 hedge fund survey published in June, which ranked the 50 top-performing funds over the trailing five years through 2019, found as a group they outperformed their peers and the market by a wide margin during the sharp sell-off of 2020’s first quarter. And as markets rebounded over the next two quarters, their average returns ended September far ahead of those generated by the hedge fund industry and the S&P 500.



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SURVIVING COVID-19: Performance of The Top 50 Hedge Funds YTD Thru 1H20

Author: Eric Uhlfelder

28 September 2020

The 2020 hedge fund survey published in June, which ranked the 50 top-performing funds over the trailing five years through 2019, found as a group they outperformed their peers and the market by a wide margin during 2020's first quarter sharp selloff. And as markets rebounded in the second quarter, these funds continued to outpace the hedge fund industry and the S&P 500.



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ASWATH DAMODARAN: Distinguishing Between Story Telling and Sound Finance

Author: Eric Uhlfelder

22 September 2020, RIAIntel

I sat down virtually with Aswath Damodaran, the venerable finance professor at the NYU Stern School of Business, who spoke extensively about his passion for helping students cut through the noise to better focus on underlying financial metrics, to better understand companies, markets, and what's happening to our economy.

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THE 2020 SURVEY OF THE TOP 50 HEDGE FUNDS: Hedge Fund Investing During The Time of Covid-19

Author: Eric Uhlfelder

15 June 2020, Commissioned by SALT

A key takeaway of my 17th annual hedge fund review: managers generating the top long-term returns--which collectively tracked the market's gains over the last five years with less risk--significantly outperformed the S&P 500 and their hedge fund peers during the first quarter collapse.  Their disciplined management of both investing and risk helped them withstand an extreme selloff . . . across most strategies.  The survey tracked 17 key data points for each fund, ranging from launch date and strategy, performance and volatility over various periods, and correlation to the S&P 500.  And the report includes extensive interviews with leading  global allocators, hedge fund managers, economists, historians, and consultants.  My 16 previous surveys were commissioned by The Financial Times, Barron's, and The Wall Street Journal.

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NAVIGATING THE TIDE SECURES BENEFITS FOR HONG KONG’S SEGANTII CAPITAL

Author: Eric Uhlfelder

28 October 2019, Pensions and Investments

Betting on the gradual liberalization of regulatory and corporate standards of the Eastern world appears on first glance to be an unusual and risky thesis on which to base a hedge fund strategy.  But that strategy is exactly what Simon Sadler was focused on when he set up his Hong Kong-based firm Segantii Capital Management Ltd. — and his $3.5 billion Segantii Asia-Pacific Equity Multi-Strategy Fund — a dozen years ago in the eye of the financial crisis.


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