Standard & Poor's has launched the S&P Equity Long/Short Index with 24 constituent funds and two regional sub-indices.
Peter Roffman, managing director, Standard & Poor's, said: "This index represents another step in our strategy to provide build-out, representative indices at the individual strategy level for the nine strategies comprising the composite S&P Hedge Fund Index. These indices are designed to offer single-strategy exposure that can be used by investors both as benchmarks as well as the basis for investment."
The S&P Equity Long/Short Index launches with the five Equity Long/Short funds represented in the flagship S&P Hedge Fund Index, and adds 19 new funds to create a separate build-out index that is more representative of hedge funds employing this strategy.
The S&P Equity Long/Short Index is designed to represent the range of hedge funds that relies on fundamentally driven, bottom-up research for long and short equity selection, typically attempting to create a separate alpha for both long and short positions, while limiting overall portfolio risk.
The new index includes 24 funds screened for asset size, tenure, and strategy purity. The index includes two regional sub-indices: one with a U.S. focus and one with a Global-Ex-U.S. focus, each comprising 12 funds.
Like the other hedge fund indices designed and maintained by Standard & Poor's, the S&P Equity Long/Short Index is investable through the PlusFunds separate account platform, which is designed to mirror the S&P indices.
The 24 funds include the following: The AlphaGen Hokuto Fund Ltd; Sparx Long-Short Fund Limited; Tiedemann/Ayer Asian Growth Ltd; Aspect European Equity Long/Short Program; New Star Hedge Fund Ltd; RAB Europe Fund Ltd.; ReachCapital International Fund I, Ltd; Sofaer Capital European Hedge Fund; Thames River Kingsway Fund; TT International: Long Short Europe; Lazard Global Opportunities; Lion Global Opportunity Fund Ltd; Ardsley Offshore Fund, Ltd; Ascend Offshore Fund, Ltd; Blue Coast Partners I, LP; Bricoleur Offshore Ltd; Chilton Investment Partners; CRM US Value Fund, Ltd; Cumberland Partners; EGM Long/Short Growth Strategy; Omega Overseas Partners Ltd; Ridgecrest Partners QP, LP; Sandler Associates; Willow Creek Capital Partners LP.