The UCITS Alternative Index Global suffered its third month of losses in the last four months as fund managers running onshore versions of their hedge fund strategies failed to avoid the mar
The UCITS Alternative Index Global suffered its third month of losses in the last four months as fund managers running onshore versions of their hedge fund strategies failed to avoid the market pitfalls of November. Losses for the index were -1.30 per cent to bring it a shade under -4 per cent (-3.98 per cent to be precise) for the year. By comparison the MSCI World Index gained 0.8 per cent despite slumping -6.5 per cent up until 25 November. Every single UCITS strategy was in the red, the biggest loser being the Emerging Markets Index. It fell 4.17 per cent, having staged a strong recovery (+6.12 per cent) in October, to leave it down 10.20 per cent YTD. A clear indication that eurozone fears and the risk of a global slowdown have impacted EM countries: indeed, the MSCI Asia Pacific Index is down 15 per cent in 2011. Equity L/S and Multi-strategy UCITS recorded losses of -1.84 per cent and -1.36 per cent for November, whilst Fund of Funds (-1.27 per cent) and Fixed Income (-1.04 per cent) also struggled to keep losses below the -1 per cent mark. Commodities funds are now the only strategy in positive territory for 2011: up a modest 0.6 per cent. After Emerging Markets, the next worst performing strategy is Fund of Funds (-5.21 per cent), closely followed by Equity L/S (-4.97 per cent). It’s not been an easy year for UCITS funds or any other investment structure for that matter.