Funds
Hedge funds posted mixed performance in May as banking volatility evolved throughout the month following the closure and acquisition of First Republic Bank by JPMorgan. While Financials and Energy declined, Technology and AI surged through May.
The HFRI 500 Fund Weighted Composite Index declined -0.2%(estimated) in May as managers navigated banking, energy and (primarily positive) technology volatility with performance led by Relative Value Arbitrage and Macro strategies.
The HFRI Fund Weighted Composite Index (FWC) posted mixed performance in May, also declining -0.2%, as modest gains in Relative Value strategies were offset by declines in Event-Driven strategies, according to data released
Digital asset investment products saw outflows totalling $62m last week, marking the seventh week of outflows which now total a combined $329m, according to the latest Digital Assets Fund Flows Weekly report from CoinShares.
Tron, the smart contracting platform, was the primary focus, seeing outflows totalling $51 million last week.
According to CoinShares, recent outflows are the result of investors taking profits and exiting short positions rather than representing a structural downshift in sentiment for bitcoin.
US hedge fund Citadel’s portfolios all made money in the first five months of the year with the firm’s flagship portfolio leading the way with a 6.14% return to the end of May, according to a report by Reuters.
US hedge fund Citadel’s portfolios all made money in the first five months of the year with the firm’s flagship portfolio chalking up a return of 6.14% to the end of May, according to a report by Reuters.
LHG Capital Management, a $1 billion-plus hedge fund specialising in ‘quantamental’ global macro investing, has closed its first ever single-investor fund at $150 million, boosting the firm’s assets under management to over $1.3 billion.
Unlike its separately managed account (SMA) products, which trade on a pari passu basis with its flagship fund, the hedge fund firm’s ‘Fund of One’ product combines its two macro strategies, Diversified Global Macro and China Macro, into a single integrated fund, with customised ESG integration, geographical focus, currency exposure management, return/risk profile, and lock-up period.
The new fund will be jointly managed by LHG’s co-CIOs,
Redhedge Asset Management LLP, an FCA-regulated investment manager, has opened its Synergy Total Return Fund to outside investors. The fund is managed by Andrea Seminara, CIO and CEO of Redhedge, Voon Kiat Lai, Senior Portfolio Manager and the Redhedge Investment Team.
Cliff Asness, the founder of quantitative investment firm AQR Capital, is backing a new ‘niche’ multistrategy hedge fund launched by former employee Brian Hurst and Goldman Sachs Group alumnus Elisha Wiesel, according to a report by Bloomberg.
Goldman Sachs’ $127 million Hedge Industry VIP exchange traded fund (GVIP), which scans 13F filings to build a portfolio of popular hedge fund picks, is up more than 16% so far this year, ahead of the S&P 500’s 10% return over the same period, according to a report by Bloomberg.
GVIP’s 2023 three largest holdings are largely behind its outperformance, and they’re all AI-related chipmakers: Nvidia Corp, Broadcom Inc, and Advanced Micro Devices Inc.
All three have surged over the past month on the hype around so-called generative AI. While GVIP has historically lagged the S&P 500 since its inception
Hedge fund industry redemptions continued in March with $18.31 billion in net outflows, representing 0.37% of industry assets, according to the Barclay Fund Flow Indicator published by Backstop BarclayHedge.
Hong Kong based long-short equity hedge fund firm Rockhampton Management, which also has an office in Tokyo, is going back to its Japan-focused routes after deciding to shutter its pan-Asia hedge fund, according to a report by Bloomberg.
