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Scotia Capital Canadian hedge fund index outperforms Toronto market

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The Scotia Capital Canadian Hedge Fund Performance Index finished December up 1.81 per cent on an asset-weighted basis but down 0.25 per cent on an equal-weighted basis. <

The Scotia Capital Canadian Hedge Fund Performance Index finished December up 1.81 per cent on an asset-weighted basis but down 0.25 per cent on an equal-weighted basis.

The index outperformed both the TSX Composite and the S&P 500 index (denominated in Canadian dollars) on both an asset-weighted and equal-weighted basis.

Most global markets rallied in December as investors became hopeful that government stimulus measures could limit the damage from the credit issues that dominated 2008.

The US increased steps to begin an economic recovery by introducing capital injections to the auto industry, continuing to add capital to financial institutions, and cutting the federal funds overnight interest rate to near zero percent.

In Canada, the negative impact of the continued slide in energy prices contributed significantly to the 3.1 per cent decline in the TSX. Canadian hedge fund managers generated relatively solid results over the month as most managers were able to successfully insulate themselves from falling energy prices.

The Scotia Capital Canadian Hedge Fund Performance Index aims to provide a comprehensive overview of the Canadian hedge fund universe.

Index returns are calculated using both an equal weighting and an asset-based weighting of the funds. The index includes both open and closed funds with minimum assets under management of CAD15m and at least a 12-month track record of returns, managed by Canadian-domiciled hedge fund managers.

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