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<ul><li><keyword id="116445" type="COMPANY" weightage="60" keywordseo="Hedge-funds">Hedge funds</keyword> notched their best month in more than a decade in April as the broad market rally lifted nearly all risk assets from late-March lows.</li><li><keyword id="173075" type="COMPANY" weightage="60" keywordseo="Eurekahedge">Eurekahedge</keyword>'s <keyword id="9210535" type="UNKNOWN" weightage="60" keywordseo="hedge-fund-index">Hedge Fund Index</keyword> jumped 3.7% last month, its biggest gain since May 2009 when funds surged in the wake of the financial crisis.</li><li>Nearly 80% of the index's members posted gains in April, with 10% of managers enjoying double-digit returns, according to Eurekahedge's monthly report.</li><li>April also saw the index's first monthly uptick since a mild 0.08% return in January.</li><li><a href="https://www.businessinsider.com/?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">Visit the Business Insider homepage for more stories</a>.</li></ul>Hedge funds posted their best month in more than a decade as March's lows gave way to a resounding rally through April.Eurekahedge's <keyword id="62375" type="ORGANIZATION" weightage="60" keywordseo="Hedge-fund">Hedge Fund</keyword> Index gained 3.7% last month, its biggest jump since May 2009. A combination of Federal Reserve action, risk-on attitude, and optimism toward COVID-19 vaccine trials pushed investors back into the <keyword id="6357440" type="DEFINITION" weightage="60" keywordseo="Stock-Market">stock market</keyword>. Major US indexes posted their best month since 1987 and rallied out of bear market territory. Nearly 80% of the index's members gained in April, with 10% of managers posting double-digit returns. Eurekahedge's North American Hedge <keyword id="44611" type="ORGANIZATION" weightage="60" keywordseo="fund">Fund</keyword> Index jumped 5.4%, while its European peer gained 3.5%. The index for Asia excluding Japan posted the biggest regional win with a 6.5% return, while the Japan-focused hedge fund index leaped 1.6% through the month.Read more: <a href="https://www.businessinsider.com/coronavirus-investing-strategy-bill-miller-still-bullish-airline-stocks-buffett-2020-5">Bill Miller's record-setting fund beat the market for 15 straight years. He explains why he's still bullish on airlines today, even after Warren Buffett abandoned the industry twice.</a>April also brought the index's first monthly gain since a meager 0.08% return in January.The firm's Crypto-Currency Hedge Fund Index surged 28.5% in April on the back of a broad crypto upswing. Bitcoin soared more than 35% through the month.Despite the strong April performance, the main hedge fund index remains down 4.6% year-to-date. The <a href="https://markets.businessinsider.com/index/s&amp;p_500_500">S&amp;P 500</a> and <a href="https://markets.businessinsider.com/index/dow_jones">Dow Jones industrial average</a> have also failed to erase their 2020 losses. Both indexes stabilized through the end of last month as volatility cooled and traders questioned the run-up's strength.The <a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingestgest">Nasdaq composite</a> broke through its December 31 close on Thursday, <a href="https://markets.businessinsider.com/news/stocks/nasdaq-composite-erases-2020-losses-strong-tech-earnings-stock-market-2020-4-1029178443">lifted by a growing interest in mega-cap tech stocks</a>.Eurekahedge's Hedge Fund Index includes 2,277 equally weighted constituents.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://www.businessinsider.com/emerging-markets-weakening-monetary-policy-arsenal-coronavirus-recession-paul-krugman-2020-5">Nobel laureate Paul Krugman warns emerging markets are about to lose their best defense against recession</a><a href="https://markets.businessinsider.com/news/stocks/federal-reserve-emergency-corporate-bond-etf-purchases-coronavirus-policy-economy-2020-5-1029191923">The Fed will start buying corporate-bond ETFs on Tuesday — launching a key component of its emergency coronavirus response</a><a href="https://www.businessinsider.com/stocks-to-buy-healthcare-picks-investing-for-coronavirus-crisis-recovery-2020-5">A group of healthcare stocks is enjoying the market's biggest post-crash comeback, and has returned 1,000% over the past decade. One investment firm explains why there's even more upside — and shares 3 companies it's buying.</a>Read the original article on <a href="https://www.businessinsider.com/hedge-funds-notch-best-month-financial-crisis-amid-market-rally-2020-5">Business Insider</a>

Hedge funds posted their best month since the financial crisis in April amid the torrid market rebound

<ul class="summary-list"><li>Cryptocurrency <keyword id="116445" type="COMPANY" weightage="60" keywordseo="Hedge-funds">hedge funds</keyword> posted their best gain since 2019 in February, rising 35%.</li><li>Data provider Eurekahedge said the growing industry has around $3.4 billion under management.</li><li><keyword id="6085476" type="UNKNOWN" weightage="60" keywordseo="Crypto-Hedge-Funds">Crypto hedge funds</keyword> climbed almost 200% in 2020 as the <keyword id="4948040" type="PERSON" weightage="60" keywordseo="bitcoin-price">bitcoin price</keyword> soared.</li></ul>Cryptocurrency hedge funds gained 35% in February, new data has shown, with the relatively new institutions far outstripping the broader market as the price of bitcoin soared to record highs.An index tracking hedge funds that focus on <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword> from data provider <a href="https://www.eurekahedge.com/Research/News/2100/Hedge-Fund-Report-March-2021">Eurekahedge</a> gained 35% in February, capitalizing on <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin's</a> rise of around 36.5%. That was the best performance since May 2019, taking year-to-date gains for the sub-sector to 74.9%.The funds have continued to soar after a remarkable rally in 2020, when the Eurekahedge cryptocurrency hedge fund index shot up 198%.The industry is new and relatively small, Eurekahedge head analyst Mohammad Hassan told Insider, making up just 0.2% of the global hedge fund business with around $3.4 billion under management.But Hassan said it's a growing area. "Strong performance in the underlying crypto-asset <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> along with bubbling curiosity from institutions has been supportive of the space," he said.Hedge fund managers as a whole were up 3% in February. That outpaced the MSCI all-world stock index which climbed 2.7%, the third month of outperformance in a row.<a href="https://www.businessinsider.com/heres-a-simple-guide-to-what-a-hedge-fund-actually-does-2017-12">Hedge funds</a> are investment firms with more leeway to invest how they see fit, in a range of asset classes, than traditional institutions.Bitcoin's meteoric rise has naturally attracted many hedge fund managers, with <a href="https://www.businessinsider.com/bitcoin-prediction-mike-novogratz-report-card-government-handling-citizens-finances-2021-3">Mike Novogratz's</a> Galaxy Digital a prime example. Crypto hedge funds can follow a number of strategies, including betting against the bitcoin price, and invest in a range of currencies.The funds are riding high thanks to the rally in <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a>, which is up more than 740% over the last year. The price rose around 36.5% in February and was up roughly 25% in March to $56,600 on Wednesday, according to Coinbase and TradingView data.However, it remains to be seen how well the industry would cope with a price crash, which some key players have <a href="https://www.businessinsider.com/bitcoin-price-crash-late-stage-bull-market-glassnode-btc-plunge-2021-3">warned could be coming</a> after the recent rally.

Crypto hedge funds gained 35% in February as bitcoin soared - following a 200% increase in 2020 for the growing industry

<ul><li>"<keyword id="201580" type="ENTERTAINMENT" weightage="60" keywordseo="Black-Swan">Black swan</keyword>" funds are up a record 57% this year after profiting from the market meltdown, <a href="https://www.eurekahedge.com/Indices/IndexView/Eurekahedge/643/CBOE-Eurekahedge-Tail-Risk-Hedge-Fund-Index#">according to the CBOE Eurekahedge Tail Risk Hedge Fund Index</a>.</li><li><keyword id="5191900" type="COMPANY" weightage="60" keywordseo="Universa-Investments">Universa Investments</keyword>, which is advised by "The Black Swan" author Nassim Taleb and run by his protégé, Mark Spitznagel, <a href="https://markets.businessinsider.com/news/stocks/leaked-letter-black-swan-universa-4000-percent-warns-market-crash-2020-4-1029082525">delivered an astounding 4,144% return</a>.</li><li>"<keyword id="31671" type="CITY" weightage="100" keywordseo="markets">Markets</keyword> were priced for perfection, but all of a sudden the world lost its veil of perfection," Spitznagel <a href="https://www.ft.com/content/602c45e1-219c-49b2-ab17-9b47791fd038?sharetype=blocked">told the Financial Times</a>.</li><li>The eight funds in the CBOE Eurekahedge index are down by an average of 24% over the past eight years.</li><li><a href="https://www.businessinsider.com/">Visit Business Insider's homepage for more stories</a>.</li></ul>While many investors suffered heavy losses during the <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> sell-off, "black swan" funds have gained a record 57% this year, <a href="https://www.eurekahedge.com/Indices/IndexView/Eurekahedge/643/CBOE-Eurekahedge-Tail-Risk-Hedge-Fund-Index#">according to the CBOE Eurekahedge Tail Risk Hedge Fund Index</a>.The funds, which specialize in profiting from extreme market events, benefited from the spike in volatility and swings in equities, commodities, currencies, and other assets.Universa Investments — advised by "The Black Swan" author Nassim Taleb and run by his protégé, Mark Spitznagel — <a href="https://markets.businessinsider.com/news/stocks/leaked-letter-black-swan-universa-4000-percent-warns-market-crash-2020-4-1029082525">scored a remarkable 4,144% return in the year to April 7</a>."The virus is popping the bubble," Spitznagel <a href="https://www.ft.com/content/602c45e1-219c-49b2-ab17-9b47791fd038?sharetype=blocked">told the Financial Times</a>. "Markets were priced for perfection, but all of a sudden the world lost its veil of perfection."Read more: <a href="https://www.businessinsider.com/coronavirus-investing-strategy-stocks-to-buy-economy-reopening-goldman-sachs-2020-4?r=US&amp;IR=TIR=T">Goldman Sachs outlines a 3-part investing strategy to profit from the economy's reopening — including 4 stocks to buy for the recovery</a>Universa's peers also won big. Capstone Investment Advisors posted a 350% gain in the first quarter, while 36 South Capital Advisor's flagship Kohinoor fund is up more than 130%, the newspaper reported.The eight funds in the CBOE Eurekahedge index may be insulated against market meltdowns, but they have lost money on average for eight straight years. They are down an average of 24% over that period.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-investments-beat-post-coronavirus-market-rbc-2020-4?r=US&amp;IR=TIR=T">RBC: The biggest investors are piling into 11 high-growth stocks to stay ahead of a market hammered by coronavirus fears</a>Read the original article on <a href="https://www.businessinsider.com/black-swan-funds-gain-record-57-percent-profited-market-meltdown-2020-4">Business Insider</a>

'The virus is popping the bubble': 'Black swan' funds scored a record 57% gain after profiting from the market meltdown

<ul class="summary-list"><li><keyword id="1618705" type="PERSON" weightage="60" keywordseo="Brevan-Howard">Brevan Howard</keyword>, a $13.7 billion hedge fund, is set to start buying <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword>.</li><li>The hedge fund would be the latest big-name investor to get involved with crypto.</li><li>Data showed that crypto hedge funds have reaped massive returns in 2021, gaining 117% in Q1.</li></ul>Brevan Howard, one of Europe's largest hedge funds, is set to become the latest big-name investor to start buying cryptocurrencies.The $13.7 billion fund's managers have decided the cryptocurrency market has matured sufficiently to start investing for its clients, according to a person familiar with the matter.Brevan Howard has set up a new fund which will start to invest in digital assets, the person said. It will be overseen by crypto investment firm Distributed Global's co-founders Johnny Steindorff and Tucker Waterman.The person said the hedge fund is looking to invest in a range of assets, not just <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword>. Bloomberg, which <a href="https://www.bloomberg.com/news/articles/2021-04-15/brevan-howard-s-main-hedge-fund-to-start-buying-cryptocurrencies?srnd=cryptocurrencies">first reported</a> the news, said Brevan would initially invest up to 1.5% of its main $5.6 billion fund in cryptocurrencies.The hedge fund already has some exposure. It bought a 25% stake in One River Asset Management, which runs a number of cryptocurrency funds, in 2020. Co-founder Alan Howard has backed companies including British bitcoin payments app Bottlepay and has been an investor in Distributed Global since 2018.Hedge fund bosses including <a href="https://markets.businessinsider.com/currencies/news/bitcoin-etf-approval-mike-novogratz-galaxy-digital-sec-crypto-regulation-2021-4-1030298912">Mike Novogratz</a> and <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-rally-best-inflation-trade-tudor-jones-cryptocurrency-btc-2020-10-1029711282">Paul Tudor Jones</a> have made lucrative bets on the digital assets. Companies including <a href="https://markets.businessinsider.com/currencies/news/bitcoin-btc-institutional-interest-cryptocurrencies-wall-street-tesla-microstrategy-jpmorgan-2021-3-1030194067">Tesla, BlackRock and JPMorgan</a> are getting involved.Hedge funds focusing on cryptocurrencies have been the star performers of the industry in 2021.Data from Eurekahedge on Wednesday showed crypto funds gained 116.8% in the first quarter, outstripping bitcoin's 104.2% return. Global hedge funds were up 4.8% in the first 3 months of the year.<a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a>, the world's biggest cryptocurrency, hit an all-time high close to $65,000 on Wednesday ahead of the $100 billion public listing of crypto exchange Coinbase on the Nasdaq.The massive price rise has drawn in some of the biggest names on Wall Street. BlackRock has given two of its funds permission to invest in crypto derivatives, while Goldman Sachs has <a href="https://markets.businessinsider.com/currencies/news/goldman-sachs-restarts-crypto-trading-and-will-begin-trading-bitcoin-futures-report-2021-3-1030137170">restarted its crypto trading desk</a>.

$14 billion hedge fund Brevan Howard set to start buying cryptocurrencies, as institutional interest booms

<ul class="summary-list"><li>Wall Street brushed off the <keyword id="11012164" type="UNKNOWN" weightage="60" keywordseo="archegos">Archegos</keyword> implosion and <keyword id="363661" type="COMPANY" weightage="60" keywordseo="GameStop">GameStop</keyword> short squeeze in the first quarter.</li><li><keyword id="116445" type="COMPANY" weightage="60" keywordseo="Hedge-funds">Hedge funds</keyword> had the best start to a year since 2006, while <keyword id="6368751" type="UNKNOWN" weightage="60" keywordseo="banks">banks</keyword> smashed earnings forecasts.</li><li>Analysts said buoyant and volatile <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword>, backed by masses of stimulus, were key.</li></ul>It's been a dramatic year for financial markets so far. Retail traders <a href="https://markets.businessinsider.com/news/stocks/reddit-day-traders-wallstreetbets-gamestop-gme-rally-upending-stock-market-2021-1-1030009280?utm_source=markets&amp;utm_medium=ingestgest">pumped up GameStop</a> in January, captivating the financial world and whacking hedge funds who had been betting against the stock.Then in March, the Archegos investment fund <a href="https://markets.businessinsider.com/news/stocks/archegos-banks-10-billion-losses-liquidation-jpmorgan-nomura-credit-suisse-2021-3-1030260529">spectacularly imploded</a>, wiping out a $20 billion fortune and sending banks scrambling to distance themselves from the collapse.Yet, despite this turbulence, banks and hedge funds just had one of the best quarters in recent memory, <a href="https://markets.businessinsider.com/news/stocks/jpmorgan-q1-results-smash-forecasts-jump-net-revenue-investment-banking-2021-4-1030303058">smashing expectations</a> and earning big bucks for their clients.How did they do it? <keyword id="44660" type="CITY" weightage="60" keywordseo="JPMorgan">JPMorgan</keyword> boss Jamie Dimon put it well himself when his bank's earnings came out: "Stimulus spending, potential infrastructure spending, continued quantitative easing, strong consumer and business balance sheets and euphoria around the potential end of the pandemic."<h2>Hedge funds turn it around after rocky January</h2>The year got off to a bad start for many hedge funds, when a band of online retail traders decided to pump up GameStop stock. A number of high-profile funds, who had been betting against the ailing company, were <a href="https://markets.businessinsider.com/news/stocks/hedge-funds-torched-wall-street-bets-gamestop-short-squeeze-reddit-2021-1-1030016596">hit hard</a>.A narrative built up in the media and among the retail investors themselves that a day-trading army was laying siege to Wall Street. And in some places it was: Gabe Plotkin's Melvin Capital, for instance, was <a href="https://markets.businessinsider.com/news/stocks/melvin-capital-gamestop-losses-49-first-quarter-decline-reddit-trading-2021-4-1030292729">left nursing a 49% loss</a> on its investments in the first quarter, according to reports.But the GameStop saga was only felt by a handful of firms, says Andrew Beer, managing member at Dynamic Beta Investments, an investment firm that follows some hedge-fund tactics.Hedge funds made a gain of 4.8% in the first three months of 2021, the best first-quarter performance since the heady days before the financial crisis, according to <a href="https://www.eurekahedge.com/Indices/IndexPressRelease">data from Eurekahedge</a>. North American hedge funds gained 6.8%."GameStop to me was a tempest in a teapot," Beer told Insider. "Most funds actually did fine… because what was more important for them was getting the <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-value-rotation-stocks-jpmorgan-barclays-stimulus-vaccines-2021-3-1030206593">value rotation</a> right."The first quarter saw volatility in stock markets as investors positioned for stronger growth, rotating out of big tech into stocks in neglected sectors such as finance and industry.Beer says that with the market going through "regime changes," hedge funds did well because they had the flexibility and agility "to be tech investors in 2019, but value investors and small-cap investors today."There were also opportunities for hedge funds who specialize in betting against, or <a href="https://www.businessinsider.com/what-is-short-selling">shorting</a>, stocks, says Mohammad Hassan, head analyst at Eurekahedge."The growth factor struggled in Q1, creating opportunities on the short side of the book for hedge fund managers as non-profitable technology stocks got a 'speeding ticket', so to speak," he told Insider.<h2>Banks smash earnings expectations as market income booms</h2>Wall Street's banks also escaped largely unscathed from the Archegos implosion. Morgan Stanley posted a record profit despite taking a <a href="https://markets.businessinsider.com/news/stocks/morgan-stanley-archegos-loss-911million-equity-trading-hedge-fund-implosion-2021-4-1030312567">$911 million hit</a> tied to the fund.Like hedge funds, the big banks also reaped rewards from highly active financial markets, helping big names like <a href="https://markets.businessinsider.com/news/stocks/jpmorgan-q1-results-smash-forecasts-jump-net-revenue-investment-banking-2021-4-1030303058">JPMorgan</a> and <a href="https://markets.businessinsider.com/news/stocks/goldman-sachs-stock-price-q1-earnings-estimates-strong-trading-revenue-2021-4-1030303125">Goldman Sachs</a> wow analysts with record earnings.Earnings at S&amp;P 500 banks grew a staggering 248% year on year, according to <a href="https://insight.factset.com/lower-provisions-for-loan-losses-are-boosting-earnings-for-sp-500-banks-for-q1?_hsmi=122266904&amp;_hsenc=p2ANqtz-9V_b2MwujcVfk3OuhI9eja30uWFfNhWDamIaRJisKU-BpJ1c4sWYR2zNORigeRdwYGyJm2I6wgqAjcfQrkSWEFrucfbQKWqSQGh3-rwq0D3QHTYHkTYHk">FactSet</a>. Investment banking revenue at <keyword id="6361649" type="UNKNOWN" weightage="60" keywordseo="Goldman-Sachs">Goldman Sachs</keyword> shot up 105% as the lender's traders cashed in on rising and volatile markets.Even at the more consumer-focused Bank of America, sales and trading revenue rose 17% as clients played the market, helping its <a href="https://markets.businessinsider.com/news/stocks/bank-of-america-q1-earnings-smash-forecasts-profit-doubles-trading-2021-4-1030307606">profit more than double</a>.The boom in retail trading, which lay behind the GameStop saga may also have helped, says Filippo Alloatti, senior credit analyst at Federated Hermes."[Retail investors] may trade with some of the bank's platforms, but [it also] brings more inflows into equities and therefore facilitates equity capital market business," he told Insider.Crucially, the brightening in the economic outlook after the arrival of COVID-19 vaccines. In addition, the announcement of more <a href="https://www.businessinsider.com/biden-100-million-stimulus-checks-went-out-more-coming-soon-2021-3">major stimulus measures</a> helped banks release $10.2 billion from the provisions set aside to cover loan losses, according to FactSet."There's just no doubt that the… bear case scenarios that the banks had put into those forecasts around building their loan-loss reserves have gotten less bad," Ken Usdin, US banking analyst at Jefferies, tells Insider.But there are a few dangers on the horizon for banks. Although many of those involved seem to have escaped the Archegos affair unscathed, Swiss lender <a href="https://markets.businessinsider.com/news/stocks/credit-suisse-q1-results-archegos-275-million-net-loss-blowup-2021-4-1030331840">Credit Suisse is still struggling</a> and similar events could yet have broader ramifications.Meanwhile, banks' traditional business of making loans has slowed, as stimulus money has helped people pay down their debts.<h2>The Federal Reserve looks set to keep the party going</h2>Underlying the very strong quarter for banks and hedge funds has been the Federal Reserve, analysts say, which has made borrowing ultra-cheap and pumped cash into the economy and markets.William McChesney Martin, Fed chair in the 1950s, <a href="https://fraser.stlouisfed.org/blog/2016/03/martins-punch-bowl-metaphor/">famously said</a> the Fed's job is to provide the punch at the party but take it away just as things start warming up.Beer said this no longer seems to be the case, with the central bank saying it wants to see a hot jobs market and will tolerate higher inflation. "The Fed has basically said, here's the punch bowl, have at it, and the party is going to go on well past curfew," he said.JPMorgan's Dimon is bullish, despite residual concerns about lower loans and rising coronavirus cases around the world, saying: "We believe that the economy has the potential to have extremely robust, multi-year growth."

Despite the GameStop saga and Archegos implosion, banks and hedge funds had a blowout quarter. This is how they did it.

<ul><li>Hedge funds in <keyword id="24349" type="COMPANY" weightage="60" keywordseo="Hong-Kong">Hong Kong</keyword> are exploring exit strategies from Asia's financial hub as <keyword id="1333" type="COMPANY" weightage="60" keywordseo="Beijing">Beijing</keyword>'s new security law threatens data privacy and capital control, the Financial Times reported.</li><li>More than 420 hedge funds operate out of the semi-autonomous region, and manage almost $91 billion in assets, higher than the combined value of hedge funds managed by Singapore, Japan, and Australia.</li><li>"What would make people like us move? Loss of social media freedom, loss of free internet access to wherever, capital controls would scare the blazes out of us, and . . . if it was harder to get visas," one <keyword id="62375" type="ORGANIZATION" weightage="60" keywordseo="Hedge-fund">hedge fund</keyword>'s chief investment officer for Asia told the FT. </li><li>Analysts expect Singapore to emerge as a big winner from the draconian Chinese law.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Hedge fund managers in Hong Kong are working out plans to withdraw from their usual operations in the city as <keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword> prepares to enforce its draconian new <keyword id="113687" type="ORGANIZATION" weightage="60" keywordseo="national-security">national security</keyword> law on semi-autonomous region, <a href="https://www.ft.com/content/2acb077f-9f81-4457-9932-5223334facee">the Financial Times said on Tuesday</a>.Hedge funds and traders in the world's sixth-largest financial centre are worried they will find themselves in Beijing's direct line of fire, the FT said, as the <a href="https://www.businessinsider.com/china-votes-national-security-laws-hong-kong-protests-photos-2020-5?r=US&amp;IR=TIR=T">new security legislation signals a major blow</a> to Hong Kong's autonomy.Hong Kong, which is a former British colony, was given back to China 23 years ago in 1997. Under an agreement, China accepted governance of Hong Kong under the "one country, two systems" code which enabled a certain amount of autonomy for the city, and allowed it to cement its place as one of the world's key financial centers.Over 420 hedge funds operate out of Hong Kong, the FT said, citing data from research firm Eurekahedge. Assets under management for Hong Kong funds are worth almost $91 billion, higher than the pooled amount managed by Singapore, Japan, and Australia together.Read More: <a href="https://www.businessinsider.com/stock-market-investing-strategy-for-coroanvirus-recession-recovery-morgan-stanley-2020-6">MORGAN STANLEY: The stock market is entering a new phase of a playbook that's thrived in past recessions. Here's how to tweak your portfolio to take advantage.</a>If the funds were to uproot operations, Hong Kong's continued status as the "premier destination" for hedge funds would be a gamble. "What would make people like us move? Loss of social media freedom, loss of free internet access to wherever, capital controls would scare the blazes out of us, and . . . if it was harder to get visas," a chief investment officer for Asia at a multinational hedge fund told the FT. He and other people within the industry believe that hedge fund managers would depart from the city on fears of facing data restrictions at the same level as those in mainland China.Analysts told Business Insider that <a href="https://www.businessinsider.com/singapore-hong-kong-financial-hub-chinese-law-ranking-2020-5?r=US&amp;IR=TIR=T">Singapore is likely to overtake the city as Asia's largest financial hub</a> as businesses move away from Hong Kong. "If Hong Kong is imposing Chinese law by the backdoor in Hong Kong, it questions why companies need to be in Hong Kong," said Jeffrey Halley, senior market analyst, Asia-Pacific at OANDA."If they don't want to be under Chinese law but want to be more under a Western legal system, then they may as well go to Singapore," he added. Read More: <a href="https://www.businessinsider.com/stock-market-crash-new-bull-run-historical-checklist-not-met-2020-6">Stocks have met none of the 8 conditions that confirmed every new bull market in the post-war era — and one investment chief warns a relapse into a bear market is coming</a>

Hedge funds in Hong Kong are considering pulling out over fears that China's new security law could ruin their operations

Xinhua/Wang Ying/Getty Images<ul><li>Investors expect to pull about $20 billion from hedge funds this year, according to a study from Goldman Sachs Group. </li><li>It would be the third year in a row the industry has seen annual outflows.</li><li>Still, it would be a smaller loss than in 2019, when hedge funds saw $98 billion in outflows, according to eVestment. </li><li>There's also proof hedge funds are off to a better start in 2020 - funds outperformed the broader market in January, according to one hedge fund index. </li><li><a href="https://www.businessinsider.com/">Read more on Business Insider. </a></li></ul>Hedge funds are again expected to see net outflows in 2020, a foreboding sign after the industry saw <a href="https://markets.businessinsider.com/news/stocks/hedge-funds-had-billions-total-outflows-2019-worst-three-years-2020-1-1028840782">consecutive outflows in 2018 and 2019</a>. Net outflows from hedge funds in 2020 are expected to be about $20 billion, according to a study by Goldman Sachs that in December surveyed 444 allocators advising more than $1 trillion in assets. The bulk of the outflows are expected to come from pension funds, endowments, and family offices, according to the report. Hedge funds have come under increasing pressure from investors after years of underperformance. In 2019, the industry saw <a href="https://markets.businessinsider.com/news/stocks/hedge-fund-industry-performance-more-closures-than-openings-5th-year-2019-12-1028788132?utm_source=markets&amp;utm_medium=ingest">more closures than openings for the fifth year</a> in a row. In the same year, while the S&amp;P 500 returned 31%, the Bloomberg Equity Hedge Fund Index only gained 13%. In the last five years, hedge funds have underperformed a traditional 60/40 equity bond allocation for the first time since 1990, according to the report. Investors have dumped the funds in favor of cheaper investment vehicles taking advantage of the record bull market run. A majority of the allocators surveyed by Goldman said that underperformance could be pinned on challenging macro conditions including dovish central bank policies. But nearly half had another reason - they said that the industry has grown too large and that passive and quant strategies have made it harder to execute. Underperformance has changed the hedge fund landscape, according to the report. "Many allocators now focus primarily on the diversification benefits of hedge funds," Goldman Sachs wrote in the report. They're taking a very nuanced, surgical approach to the way they invest in hedge funds and are no longer considering them homogeneous asset classes, according to the report. And, while $20 billion in annual outflows is a lot, the estimate is an improvement over the industry's performance last year, according to the report. In 2019, <a href="https://markets.businessinsider.com/news/stocks/hedge-funds-had-billions-total-outflows-2019-worst-three-years-2020-1-1028840782">investors pulled $98 billion from hedge funds, the largest outflow the industry has seen since 2016</a>, according to eVestment.There is also proof that the hedge fund industry is off to a solid start in 2020. The Eurekahedge Hedge Fund Index returned 0.08% in January, beating the broader market - the S&amp;P 500 declined 0.16% in the month. <h3>NOW WATCH: <a href="https://www.businessinsider.com/google-photos-apple-icloud-iphone-storage-space-2018-12">I switched to Google Photos after using iCloud for 5 years and I'm never going back</a></h3>

Goldman Sachs: Investors expect to pull $20 billion from hedge funds in 2020

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Hedge funds are not doing too hot in 2016.Performance metrics took a hit through the first six months of the year, hedge fund tracker Eurekahedge <a href="http://www.valuewalk.com/2016/07/hedge-funds-up-0-63-in-june-2016/">found the industry netted</a> a $5.2 billion performance loss through the first six months of the year. That has lead to some <a href="http://www.businessinsider.com/paul-tudor-jones-faces-1-billion-in-redemptions-2016-4">tough consequences</a> including&#xa0;<a href="http://www.businessinsider.com/pershing-square-q2-redemptions-2016-8">redemptions</a> and <a href="http://www.businessinsider.com/hedge-fund-disrupted-like-uber-2016-5">calls for</a> the&#xa0;<a href="http://www.businessinsider.com/end-of-hedge-funds-as-we-know-it-2016-5">industry's demise</a>.If you want one chart that sums up the reasons for the decline, Driehaus Capital Management has you covered.<a href="https://twitter.com/DriehausCapital/status/762323711894679553">In a tweet Sunday</a>, Driehaus showed the performance of <a href="http://www.businessinsider.com/goldman-hedge-funds-vip-list-2016-5">Goldman Sachs Hedge Fund VIP long index </a>versus <a href="http://www.businessinsider.com/goldman-hedge-funds-biggest-shorts-2016-5">Goldman's Hedge Fund VIP short index</a>. Essentially, the long index tracks the companies that hedge funds are most heavily invested in to go up, and the short index tracks the companies hedge funds are betting against.&#xa0;<div></div>The performance so far is not pretty. The long index is basically flat for the year, while the short index is up roughly 10% according to the chart. By comparison, the S&amp;P 500 has returned 8.19% year-to-date. According to Eurekahedge long/short equity hedge funds (those that focus on stocks) were <a href="http://www.valuewalk.com/2016/07/hedge-funds-up-0-63-in-june-2016/">down 0.96% in the first half of 2016.</a>To be fair, this is aggregate data and some managers have probably outperformed over the timeframe. Additionally, Driehaus is a manager of liquid alternatives, which&#xa0;are seen as direct alternatives to traditional hedge funds, so it's not coming from an impartial observer.Numbers are numbers, however, and it looks like so far the companies hedge funds thought were winners are losing and the firms they thought were losers are winning.Ouch. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/mysterious-purple-orb-split-two-lobes-2016-7">Scientists just collected a mysterious 'purple orb' at the bottom of the ocean, but no one could anticipate what happened next</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="QzYWkwNTE6xjHe1hFrtFLJnF8B3sgGMn" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Hedge funds have done a terrible job at picking stocks this year

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Kim Kyung Hoon/Reuters</div></div></div><ul><li>BlockTower Capital, the crypto hedge fund, is diving into venture capital, according to people familiar with the matter. </li><li>It has hired Eric Friedman to head up those efforts. </li></ul><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">BlockTower CapitalBlockTower founder Ari Paul.</div></div></div>Crypto hedge fund BlockTower Capital is diving into venture capital investing with a new fund, according to people familiar with the matter. It will devote $20 to $25 million to the new fund, the people said, and will invest in startups in the crypto space.The Connecticut-based firm, which launched in August, is among the best-known crypto hedge funds in a booming space that now includes over 200. To head up its venture efforts, BlockTower has hired Eric Friedman, formerly of Expa, a California-based investment firm. Friedman joined the firm in April, according to his LinkedIn profile. "Early stage investing @ BlockTower Focused on working with great founders building incredible companies," his profile reads. "Helping people build the machine that builds the business - hiring, scaling,operationalizing and monetizing companies."BlockTower has been hiring new staff since the beginning of the year,<a href="http://www.businessinsider.com/blocktower-poaching-goldman-sachs-employees-for-crypto-hedge-fund-2018-4"> including Steve Lee, a former portfolio manager and trader at Goldman,</a> as a director to improve BlockTower's strategic partnerships and business development in Asia.Earlier this year, BlockTower said it hired former Goldman vice president Michael Bucella as head of strategic partnerships and business development.April was an amazing month for crypto funds, according to research by Eurekahedge, with the Crypto-Currency Hedge Fund Index gaining 83.86% during that time. Joe DiPasquale, the founder of BitBull Capital, a crypto fund of funds invested in seven firms, told Business Insider there is a unique blend between VC and hedge funds in the crypto space. "BitBull is seeing a unique blending of equity (venture) and token (hedge fund) investing in crypto markets," DiPasquale said. "Investors in crypto are often excited by the exposure they get to new technologies - the venture-capital like dyanmics - while getting extreme liquidity." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/blackrock-rick-rieder-waze-epiphany-changing-our-economy-2018-4">BlackRock's $1.8 trillion bond chief shares an epiphany he had that reshaped his entire economic outlook</a></h3> <div> </div> </div>

A hot crypto hedge fund that has been scooping up Goldman talent is diving into venture capital investing

Hedge funds globally expanded assets under management by $228.8 billion to an all-time high of $2.01 trillion in 2013, according to Eurekahedge. Below are some 2013 industry highlights from the <a href="http://www.eurekahedge.com/">world's largest alternative investment funds research house</a>:
<ul>
<li>Hedge fund returns were up for the fourth consecutive month with the Eurekahedge Hedge Fund Index gaining 0.99% in December and 8.02% overall in 2013</li>
<li>Total assets grew by US$228.8 billion - the fastest annual growth on record since 2007 with total assets under management of the hedge fund industry standing at a historic high of US$2.01 trillion</li>
<li>Hedge fund managers attracted US$146.1 billion in the form of net capital allocations during the year - an impressive turnaround given the industry saw a total of US$109.6 billion of net asset flows in the previous three years combined</li>
<li>Hedge funds focused on Asia Pacific realised the best returns and were up 15.3% in 2013 with Japan and Greater China focused hedge funds delivering the best regional results up 25.7% and 19.3% respectively.</li>
<li>The Mizuho-Eurekahedge Index, an asset-weighted index, finished the year with gains of 6.63% indicating that the larger funds slightly underperformed the small and medium sized funds.</li>
<li>Distressed debt hedge funds delivered the strongest performance among all strategies, gaining 16.8% in 2013, while long/short equities hedge funds were up 14.3% followed by event driven hedge funds which gained 11.3% during the year</li>
<li>The Eurekahedge Fund of Funds Index was up 7.79%, marginally behind hedge funds as multi-managers posted their best performance since 2009</li>
<li>Fund of hedge funds managers' are now tracking hedge funds more closely than ever with multi-managers outperforming underlying hedge funds in 6 out of the 12 months this year. A combination of reduced fees, increased diversification and the weeding out of underperforming fund of funds has rendered the multi-manager model more agile than ever.</li>
</ul>

Hedge Funds Had A Record Year In 2013

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Getty Images / Scott Olson</div></div></div><ul><li>In a wildly popular $2 trillion market, neither long nor short investors are finding much success at all, with both strategies down roughly 6% year-to-date.</li><li>This can be attributed to the sudden volatility shock that rocked markets earlier this year, in tandem with the listless, low-volatility environment that's persisted ever since.</li></ul>Conventional wisdom would suggest that if one side of a trade is getting crushed, the other side should be making money hand over fist.But that hasn't proven to be true this year in the $2 trillion <a href="https://www.businessinsider.com/category/volatility" target="_blank" rel="noopener">volatility market</a>, as investors find themselves in a situation where the best trade has been to not be involved at all.The chart below shows this dynamic in play. In 2018, for the first time on record, both long- and short-volatility funds have lost money. And it hasn't been particularly close, with the two areas down roughly 6% on a year-to-date basis.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Business Insider / Joe Ciolli, data from Bloomberg / Eurekahedge</div></div></div>The reason why boils down to the volatility blow-up that rocked markets earlier this year, worsening a stock sell-off that briefly veered into 10% correction territory. As the Cboe Volatility Index - or VIX - spiked, wildly popular <a href="https://www.businessinsider.com/xiv-svxy-short-vix-volatility-trade-blow-up-2018-2" target="_blank" rel="noopener">shorts got crushed</a>, and they've been crawling out of that hole all year.As for those positioned long volatility, they've since been faced with the same type of environment that so emboldened those shorts in the first place - one defined by muted price swings as major indexes grind higher.Even though they had a brief moment of glory as the VIX surged, the rest of the year has been extremely difficult as stocks have traded in listless fashion. And they've failed to see positive returns.Long story short, trading volatility is a no-win situation at present time - at least for those who have held positions all year.The obvious solution for those struggling to make money trading volatility would be to abandon any sort of long-term approach, and instead try to nimbly time whatever minor market fluctuations do transpire.This is, of course, easier said than done, especially with the prospect of a trade-war flare-up constantly looming. There's also the groundswell of bearishness around tech that's been nibbling away at overall market sentiment.As <a href="https://markets.businessinsider.com/stocks/fb-stock" target="_blank" rel="noopener">Facebook</a>'s forecasted growth slowdown and subsequent stock tumble showed last month, any perceived weakness can cause sharp losses at a moment's notice.Count Goldman Sachs among those that aren't particularly enthused about the volatility market right now. Their current forecast isn't for high or low volatility - it's somewhere in that murky chasm in between."Based on our vol regime framework, a high vol regime remains unlikely as macro data remain too strong, but the probability of a low vol regime has also declined further," Christian Mueller-Glissman, a senior multi-asset strategist at Goldman Sachs, wrote in a recent client note. "We think neither a high nor a low vol regime is very likely in the near term." <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/worlds-most-dangerous-venomous-animals-2018-7">The world's most dangerous venomous animals are all in Australia</a></h3> <div> </div> </div>

There are no winners right now in a $2 trillion market that's losing money for everyone

<div class="image-container float_right"><div class="image"><a href="http://www.bloomberg.com/video/rosenberg-manley-on-u-s-economy-earnings-VGYvxb3hRiSDdEaRAS_qTA.html">Screenshot via Bloomberg TV</a></div></div>FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors.
<a href="https://twitter.com/GluskinSheffInc">ROSENBERG: If You're Still Bullish On Bonds It's Time To Turn Into A Dow Dog</a> (Gluskin Sheff) 
David Rosenberg has been bearish on bonds since last April. As U.S. treasuries, emerging market bonds investment-grade corporate bonds, and muni bonds delivered negative returns in 2013, junk bonds delivered a 7% total return, he writes. But the investor crowd has suddenly lost interest in bonds considering U.S. high-yield mutual funds and ETFs had $4.4 billion of net outflows in 2013, the largest redemption since 2005. "After all, at these yield levels, if you're going to invest in risk assets, and there is risk in corporate bonds albeit a different sort of risk than there is in hard assets or equities you may as well dip some toes into the stock market pool," writes Rosenberg. "While it is late in the game, the game is still not over necessarily and we could have been saying the same thing this time last year. What is incredible is that while most of the fixed-income universe failed to generate income in 2013, the asset class that continued to deliver the income even as bond yields rose were the dividend-paying arena of the equity market. And it was more about the dividend growth than it was about the yield. Just check out, for example, what the Dogs of the Dow strategy did last year (the 10 highest-yielding components of the DJIA) - a 30% advance which actually outperformed the rest of the blue-chips by over 400 basis points!"
<a href="http://www.businessinsider.com/hedge-fund-assets-surge-to-all-time-high-in-2013-2014-1">Hedge Funds Had A Record Year In 2013</a> (Eurekahedge)<a href="http://www.businessinsider.com/hedge-fund-assets-surge-to-all-time-high-in-2013-2014-1"> </a>
Globally, hedge funds saw their assets under management increase to an all-time high of $2.01 trillion in 2013, according to Eurekahedge. Hedge funds' AUM grew by $228.8 billion in 2013, the fastest annual growth on record since 2007. Funds that were focused on Asia Pacific had the best returns and were up 15.3% in 2013. And a breakdown shows that those with Japan and Greater China focus had the best regional results at 25.7% and 19.3% respectively. Meanwhile the distressed debt hedge fund strategy delivered the strongest performance with 16.8% returns in 2013.
<a href="http://www.finra.org/web/groups/industry/@ip/@reg/@guide/documents/industry/p419710.pdf">FINRA Will Focus On Brokers That Have Many Complaints Against Them</a> (FINRA)
Last year the Financial Industry Regulatory Authority (FINRA), launched the High Risk Broker (HRB) program was created to identify brokers with "a pattern of complaints or disclosures for sales practice abuses and could harm investors as well as the reputation of the securities industry and financial markets." FINRA said in its 2014 Regulatory and Examination Priorities letter that it would expand its HRB program this year and "create a dedicated enforcement team to prosecute such cases."
FINRA will review the due diligence of firms that hire these brokers. It is also concerned about the risks they bring to a new firm. "Using sophisticated analytics-known as the Broker Migration Model- FINRA identifies and monitors both brokers who move from a firm that has been expelled or otherwise has a serious disciplinary history to another FINRA-regulated firm, and the firms that hire such individuals. FINRA uses the model's risk scoring, among other means, to prioritize surveillance and to conduct focused or accelerated examinations and enforcement efforts."
<a href="http://www.businessinsider.com/bob-doll-10-predictions-2014-1">Bob Doll's 10 Predictions For 2014 Include A 10% Correction In The Stock Market</a> (Nuveen Asset Management)
Nuveen Asset Management's Bob Doll expects stocks to fall 10% in 2014 before they end in the green. But here are his 10 predictions for 2014, published verbatim: 1. The U.S. economy grows 3% as housing starts surpass one million and private employment hits an all-time high. 2. 10-year Treasury yields move toward 3.5% as the Federal Reserve completes tapering and holds short-term rate near zero. 3. U.S. equities record another good year despite enduring a 10% correction. 4. Cyclical stocks outperform defensive stocks. 5. Dividends, stock buy-backs, capex, and M&amp;A all increase at a double-digit rate. 6. The U.S. dollar appreciates as U.S. energy and manufacturing trends continue to improve. 7. Gold falls for the second year and commodity prices languish. 8. Municipal bonds, led by high yield, outperform taxable bond counterparts. 9. Active managers outperform index funds. 10 .Republicans increase their lead in the House but fall short of capturing the Senate.

You Searched For "Eurekahedge" and got 12 results

Hedge funds posted their best month since the financial crisis in April amid the torrid market rebound

Ben Winck

Crypto hedge funds gained 35% in February as bitcoin soared - following a 200% increase in 2020 for the growing industry

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'The virus is popping the bubble': 'Black swan' funds scored a record 57% gain after profiting from the market meltdown

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$14 billion hedge fund Brevan Howard set to start buying cryptocurrencies, as institutional interest booms

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Despite the GameStop saga and Archegos implosion, banks and hedge funds had a blowout quarter. This is how they did it.

Harry Robertson

Hedge funds in Hong Kong are considering pulling out over fears that China's new security law could ruin their operations

Shalini Nagarajan

Goldman Sachs: Investors expect to pull $20 billion from hedge funds in 2020

Carmen Reinicke

Hedge funds have done a terrible job at picking stocks this year

Bob Bryan

A hot crypto hedge fund that has been scooping up Goldman talent is diving into venture capital investing

Frank Chaparro

Hedge Funds Had A Record Year In 2013

Matthew Boesler

There are no winners right now in a $2 trillion market that's losing money for everyone

Joe Ciolli

ROSENBERG: Investors Still Bullish On Bonds Should Turn To The 'Dogs Of The Dow' Strategy Instead

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