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ANALYSIS
March 2, 2009
Sagging Index no longer reflects what’s going on in the market, some say, Replacements? Google it, to start.
March 2, 2009
Downward price spiral will actually boost the cost of capital for most companies. CFOS, take note.
March 2, 2009
The latest bailout at AIG could be a preview of how the president will deal with Wall Street.
March 2, 2009
No corporate defaults. Big debt offerings. Percolating CP issuance. Things may be looking up in the capital markets.
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October 9, 2007 1:23 PM ET
A nasty August was followed by a nifty September in the hedge fund industry. Data from Hedge Fund Research, which tracks the performance of more than 11,000 hedge funds, showed that virtually all hedge fund strategies produced positive returns in September, with the HFRI fund weighted composite index rising 2.98% for the month. That compares with a loss of 1.5% for the index in August. “It was a broadly positive showing for the industry in September,” said Kenneth Heinz, president of Hedge Fund Research. The only one of 26 discrete strategies tracked by the research group that was in the red last month was short-selling. Thanks to the enthusiastic response of global stock markets to the Federal Reserve’s half-point interest rate cut, short-sellers lost an average of 3.14% during September, after gaining nearly 12% over the previous three months. Investors poured another $8.86 billion into hedge funds during August despite the collapse of several funds and general turmoil in the credit markets. Capital flows data have a one-month lag, so September numbers were not available. “It appears that investors were allocating capital through the volatility and it paid off in September,” Mr. Heinz said. A total of $144.5 billion has been invested in hedge funds this year through August—already topping the record $126.5 billion that was allocated to the industry for the whole of 2006. The hottest strategy continues to be emerging markets. The HFRI emerging markets index returned 4.91% for September and is up 20.44% for the first nine months. Other standout strategies included equity non-hedge investing (equity investing with less hedging of risk), which posted a return of 4.61% for the month, and technology investing, which posted a gain of 3.3%. September was also a good month for credit-driven strategies focused on high-yield bonds, mortgage-backed securities and convertible bonds. The HFRI indexes of those strategies all posted positive returns after losses in August. The still volatile credit markets, however, will be a major factor in the fortunes of hedge funds going forward, Mr. Heinz said. “I expect credit market conditions will continue to be a driver of performance for the rest of the year,” he said.
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