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 * Top 50 hedge funds outpaced S&P 500 by more than 3% over the past five years

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TOP 50 HEDGE FUNDS OUTPACED S&P 500 BY MORE THAN 3% OVER THE PAST FIVE YEARS

Submitted
11/07/2023 - 12:07pm
Related Topics
Insight

--------------------------------------------------------------------------------

By Eric Uhlfelder
Founder, Global Investment Report 



--------------------------------------------------------------------------------

It didn’t take 20 years of surveying the hedge fund industry to realize the
majority of hedge funds are not reliable sources of absolute returns. In fact,
very few funds can make that claim, and that limited number often doesn’t
include some of the most celebrated managers.

But there are a handful of hedge fund managers that make money year in and year
out.  And this is perennially borne out by the findings of my annual review of
the most consistently performing hedge funds.  

This study – The Global Investment Report Annual Hedge Fund Survey, now in its
twentieth year – ranks the top-performing survey of broad-strategy managers that
are managing at least $300m and have been around for a minimum of five years.

But what truly distinguishes the latest survey are the minimum performance
hurdles that funds must straddle over the past five year to be considered for
inclusion.  

Key results:

 * Last year’s Top 50 funds (based on trailing five-year returns through 2021)
   proved their value by having outperformed the S&P 500 in 2022 by nearly 24
   percentage points.  
 * More than two thirds of the funds from that select list qualified for this
   year’s group, affirming their consistent performance.
 * Forty-four of this year’s funds made money in 2022.
 * This year’s Top 50 collectively outpaced the market over the trailing five
   years through 2022 by more than three full percentage points. They did so
   with considerably less risk than the S&P 500 and a market correlation of just
   0.18.  
 * The group’s average age: 14 years.  And their average annualized return since
   inception – 12.4% – was virtually the same as what they had delivered over
   the past five years, generated with less volatility and drawdown than the
   market. 
 * Nearly half the Top 50 are global macro, hedged equity, and multi-strategy
   funds.

This year’s survey includes commentary and outlook from leading global
allocators and advisors, including Investcorp-Tages, Iteram Capital, Fiducient
Advisors, and Sussex Partners.  

There’s an in-depth Q&A with Thomas Hempell, the head of macro and market
research at Generali Investments, which manages more than €500bn in assets
around the globe.  In a nutshell, he does not believe in the current rally and
thinks markets in the US and Europe will end the year flat.

I also spoke with the former US ambassador to Russia Michael McFaul. He shared
his thoughts on what it would mean to lose Ukraine and explains why that can’t
happen. 

Finally, in-depth interviews of four exceptional fund managers – spread across
equities, credits, convertible arbitrage, and diversified commodities – provide
insight into how to navigate markets during times of stability and extreme
volatility and how they deliver the kind of numbers that define the most
consistently performing hedge funds around.   

For more on the latest survey, as well as the results of Global Investment
Report’s previous Hedge Fund Surveys, visit www.globalinvestmentreport.net.

Some key takeaways from my research into top-performing hedge funds: 

 * Look beyond the short-term. This is especially important today given the
   growing disconnect between hard macro concerns and investors who are looking
   past such worries, likely at their own peril.
 * Successful investing is not about responding to momentum but in finding
   proven, well-established managers who deliver steady absolute returns during
   good times and then excel when markets turn south – regardless of strategy.
   That’s how the most successful allocators achieve market-like performance
   with substantially less risk.
 * Outsize returns are a killer. Avoid funds that are generating numbers that
   are too good to be true. Sooner rather than later, that will be borne out.
 * The survey identifies reasons driving consistent profitability...what to look
   for and what to avoid.

--------------------------------------------------------------------------------

Eric Uhlfelder has covered global capital markets from New York over the past 30
years for various major publications, including for The Financial Times, The
Wall Street Journal, Institutional Investor, Pensions & Investments, The New
York Times, The International Herald Tribune, and BusinessWeek. He wrote the
first book on the advent of the euro post currency unification, “Investing in
The New Europe,” for Bloomberg Press. And he has earned a National Press Club
Award. His website is www.globalinvestmentreport.net

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TOP 50 HEDGE FUNDS OUTPACED S&P 500 BY MORE THAN 3% OVER THE PAST FIVE YEARS

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