Eurekahedge Index Flash - March 2013

7/28/2019 Eurekahedge Index Flash - March 2013

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Index Flash

Global hedge funds up in Feb, Japan managers deliver recordreturns

1


Hedge funds posted positive returns in February amid mixed returns in global markets. TheEurekahedge Hedge Fund Index was up 0.13%

1during the month, outperforming the MSCI World

Index2which was down 0.07%.

Key takeaways for the month of February 2013:

The Eurekahedge Japan Hedge Fund Index crossed the 200-point mark for the first time toreach its highest level on record

J apanese hedge funds witnessed the strongest 3-month return on record, up by 10.50%

Nearly 200 hedge funds are up more than 10% so far in the year

23% of early reporting funds attract assets in February

Asia ex-J apan and European hedge funds outperformed underlying markets by 0.07% and

3.28% respectively

Event driven hedge funds witnessed the ninth consecutive month of positive returns - upnearly 10% since J une last year

The asset-weighted Mizuho-Eurekahedge Asia ex-Japan Long Short Equities Index was up1.02% in J anuary

Regional Indices

February witnessed diverging trends among global markets with US and European indices finishingwith contrasting results. Risk aversion increased mid-month and the S&P dropped below the 1500mark in the third week of February as developments from Europe effected confidence globally.Economic contraction in Europe along with political uncertainty in Spain and Italy dampened some ofthe bullishness across the board. Although North American bourses rebounded at month-end to finish

in the black, European indices finished with losses.

Managers across all major hedge fund regions posted positive returns, while Eastern European
http://www.eurekahedge.com/metrics/2012/promo/6june12/r.asp?l=DMGJ&[email protected]://www.eurekahedge.com/metrics/2012/promo/6june12/r.asp?l=DMGJ&[email protected]


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hedge funds finished the month with losses. Asian hedge funds provided the strongest returns inFebruary J apanese managers were up 1.80% as underlying markets continued to rally, althoughmost of the gain was made on the last day of the month. The promise of Prime Minister Abes policies

have delivered strong gains to the J apanese market and the momentum looks set to continue forawhile. Certainly Mr. Abe seems convinced of this as he reflected at the CSIS forum that J apan isback and the market is following the flow. The Eurekahedge Japan Hedge Fund Index has climbedto its historical high, crossing the 200 point marking and gained 10.50% over the last three months;making it the strongest 3-months on record for the index.

Asia ex-J apan managers also closed the month with gains of 0.80%, outperforming underlying equitymarkets which finished the month with an increase of 0.73%

3. Long/short equity and event driven

funds delivered the strongest returns during the month, up by 1.23% and 1.88% respectively.

European hedge funds also posted positive returns of 0.54% for the month, outperforming underlyingmarkets by more than 3%. European markets declined as the debt issues once again came to thefore - driven primarily by the results of Italian elections. Long/short equity and European macromanagers reported gains for the months. North American managers continued to make hay as themarkets shrugged off European concerns amid a slew of positive economic data.

Strategy Indices

Most strategies delivered positive returns for the month with distressed debt and event driven hedgefunds once again posting the strongest returns, albeit more muted than the previous two months.Distressed debt funds were up 0.71%, driven primarily by North America investing managers whogained 1.67%. European distressed debt funds dipped 0.2%, posting their first loss in nine-months the BofA Merrill Lynch High Yield Index

4was up 0.21% in February.

CTA/managed futures funds posted the lowest returns, down 1.23% driven primarily by currency andcommodity price movements. Long term trend-following strategies reported losses from currencypositions as the Euros trend of gains reversed during the month. Similarly the reversing trends in

energy prices also added losses for the managers while metal and agricultural prices also declinedduring the month. Managers investing in equity index futures reported some gains during Februarywhile some short-term systematic funds were also in the black.

Main Eurekahedge IndicesFebruary

2013*2012

Returns2011

Returns

Hedge Fund Index 0.13 2.24 -3.02

Fund of Funds Index 0.17 2.11 -5.33

Long-Only AbsoluteReturn Fund Index

0.75 4.52 -13.84

Islamic Fund Index -0.08 1.10 -3.51

Eurekahedge StrategyIndices

February2013*

2012Returns

2011Retur

Arbitrage 0.54 1.27 1.33

CTA/Managed Futures -1.23 0.05 0.37

Distressed Debt 0.71 3.43 -1.1

Event Driven 0.66 2.52 -4.2

Eurekahedge RegionalIndices

February2013*

2012Returns

2011Returns

North American 0.43 2.53 0.24

European 0.54 2.58 -5.99

Eastern Europe & Russia -2.41 1.40 -20.55

J apan 1.80 6.44 -1.34

Emerging Markets 0.30 2.97 -8.16

Asia ex-J apan 0.80 4.65 -12.21

Latin American 0.48 1.63 1.92

Mizuho-EurekahedgeIndices

February2013*

2012Returns

2011Return

Mizuho-EurekahedgeIndex - USD -0.90 1.34 -2.0


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Fixed Income 0.39 1.68 0.63

Long/Short Equities 0.52 3.72 -6.74

Macro -0.17 1.14 -1.05

Multi-Strategy 0.22 2.20 -1.89

Relative Value 0.43 2.05 -1.31

* Based on 44.60% of funds which have reported February2013 returns as at 12 March 2013

TOP 100 Index - USD -0.87 1.04 1.87

TOP 300 Index - USD -0.85 1.28 0.04

Asi a-Eurekahedge Indi cesFebruary

2013*2012

Returns2011

Return

Greater China 0.19 5.90 -13.2

India -3.36 -1.76 -24.1

Eurekahedge indices are available for download fromwww.eurekahedge.com/indices/hedgefundindices.asp and are updated with the latest fund returns at 23:30 GMT every day. Index values and data can bedownloaded for free and subscribers can download the full list of index constituents. Please [email protected] more information.

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Eurekahedgewww.eurekahedge.comUS office: +1 646 710 4898 (EST 9am to 6pm)International: +65 6212 0925

1Based on 44.6% of funds which have reported February 2013 returns as at 12 March 20132MSCI AC World Index All Core (USD)3MSCI AC Asia Pacific Ex J apan Index All Core (USD)4Bank of America Merrill Lynch US High Yield Master II Index (Total Return Index, in Local Currency)

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Eurekahedge Index Flash - March 2013

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