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Event driven, Asia, emerging markets hedge funds are big asset winners in April and YTD

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Investors around the world have had a strong appetite for event driven, Asia and emerging markets hedge funds, moving almost USD14 billion year-to-date (YTD) into these funds while overall investor redemptions from the hedge fund industry continue, according to the just-released eVestment April 2019 Hedge Fund Asset Flows Report.

Event Driven funds pulled in USD2.84 billion in April, bringing YTD flows to USD5.19 billion. Asia- and Emerging Markets-focused funds saw more modest flows of USD1.24 billion and USD920 million in inflows, but YTD both are above USD4 billion in flows.
Overall investor redemptions were low – or essentially flat – at USD1.36 billion, bringing YTD investor outflows to -USD18.15 billion. Strong hedge fund performance was additive to industry assets in April, however, putting overall industry assets at USD3.288 trillion.

Just over 56 per cent of reporting managers had outflows during the month, which is below the level in March, but above the monthly average of the last three years.

Among other primary strategies, Directional Credit hedge funds pulled in another USD1.62 billion in April and Macro hedge funds pulled in USD1.07 billion. However, Macro funds are in the red for the year at -USD3.59 billion and Directional Credit funds are barely positive YTD at USD950 million.

April marked the 14th consecutive month where Managed Futures hedge funds had net outflows, to the tune of -USD2.05 billion, bringing YTD outflows to -USD8.09 billion.

YTD Long/Short Equity hedge funds are among the biggest asset losers, seeing outflows of -USD11.92 billion so far this year. In April, these funds saw outflows of -USD1.88 billion.

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