HFR
HFR Hedge Fund Industry Reports Materials List:

HFR Hedge Fund Industry Reports Materials List

A full list of page/slide titles for the most-recently published HFR Industry Reports are listed below.

View List for: HFR Global Report | HFR Asian Report | HFR Emerging Markets Report | HFR Market Microstructure Report

HFR Global HF Industry Report – Q3 2025

1. Hedge Fund Industry Overview
Estimated Annual Assets Hedge Fund Industry
Estimated Annual Net Asset Flows Hedge Fund Industry
Estimated Quarterly Assets Hedge Fund Industry
Estimated Quarterly Net Asset Flows Hedge Fund Industry
Estimated Change in Assets per Main Strategy Net Asset Flow vs. Performance-Based Q3 2025
Estimated Change in Assets per Main Strategy Net Asset Flow vs. Performance-Based YTD Q3 2025
Estimated Change in Assets per Regional Investment Focus Net Asset Flow vs. Performance-Based Q3 2025
Estimated Change in Assets per Regional Investment Focus Net Asset Flow vs. Performance-Based YTD Q3 2025
Estimated Percentage of Funds with Inflows vs. Outflows Q3 2025
Estimated Net Asset Flows per Main Strategy Flow Totals of Funds with Net Inflows vs. Funds with Net Outflows Q3 2025
Estimated Industry Assets by Fund Domicile Onshore (USA-domiciled funds) / Offshore (non-USA domiciled funds)
Estimated Industry Assets by Strategy Q3 2025
Estimated Industry Assets by Sub-Strategy Q3 2025
Estimated Total Number of Hedge Funds and Fund of Funds
Estimated Total Number of HF and FOF Firms
Estimated Strategy Composition by # of Hedge Funds and Fund of Funds Q3 2025
Estimated Number of Funds: Hedge Funds vs. Fund of Funds
Estimated Number of Firms: HF Firms vs. FOF Firms
Estimated Strategy Composition by # of Hedge Funds Q3 2025
Estimated Sub-Strategy Composition Equity Hedge Q3 2025
Estimated Sub-Strategy Composition Event-Driven Q3 2025
Estimated Sub-Strategy Composition Macro Q3 2025
Estimated Sub-Strategy Composition Relative Value Q3 2025
Estimated Distribution of Industry Assets by Firm AUM Tier Q3 2025
Estimated Distribution of Net Asset Flows by Firm AUM Tier Q3 2025
Estimated Distribution of Net Asset Flows by Firm AUM Tier YTD Q3 2025
Estimated Annual Distribution of Net Asset Flows by Firm AUM Tier
Estimated Number of Funds Launched/Liquidated
Estimated Fund Domicile Registration by # Funds Q3 2025
Estimated Fund Age by # Funds Q3 2025
Estimated Investment Subscriptions/Redemptions by # Funds Q3 2025
Estimated Advanced Days Notice for Investor Redemptions by # Funds Q3 2025
Estimated Fund Lockup Periods Before Investor Redemptions by # Funds Q3 2025
2. HFRI Index Performance and Risk/Return Analysis
HFRI Indices Annual Investment Returns
HFRI Index Performance 12-Month Return
HFRI Index Standard Deviation 12-Month
HFRI Index Risk Return Comparison 12-Month
HFRI Fund Weighted Composite Constituents Risk Return Comparison 12-Month
HFRI Fund of Funds Composite Constituents Risk Return Comparison 12-Month
HFRI Index Sharpe Ratio 12-Month
HFRI Index % of Positive Monthly Performance 12-Month
Historical Monthly Correlation to BBG US Large Cap TR Index 12-Month Rolling
HFRI Composite Indices Correlation Matrix 12-Month
HFRI Equity Hedge Indices Correlation Matrix 12-Month
HFRI Event-Driven Indices Correlation Matrix 12-Month
HFRI Macro Indices Correlation Matrix 12-Month
HFRI Relative Value Indices Correlation Matrix 12-Month
HFRI Index Performance 3-Year Annualized Return
HFRI Index Performance 3-Year Cumulative Return
HFRI Index Standard Deviation 3-Year Annualized
HFRI Index Risk Return Comparison 3-Year Annualized
HFRI Fund Weighted Composite Constituents Risk Return Comparison 3-Year Annualized
HFRI Fund of Funds Composite Constituents Risk Return Comparison 3-Year Annualized
HFRI Index Sharpe Ratio 3-Year Annualized
HFRI Index Sortino Ratio 3-Year Annualized
HFRI Index % of Positive Monthly Performance 3-Year
Historical Monthly Correlation to BBG US Large Cap TR Index 3-Year Rolling
HFRI Composite Indices Correlation Matrix 3-Year
HFRI Equity Hedge Indices Correlation Matrix 3-Year
HFRI Event-Driven Indices Correlation Matrix 3-Year
HFRI Macro Indices Correlation Matrix 3-Year
HFRI Relative Value Indices Correlation Matrix 3-Year
HFRI Index Performance 5-Year Annualized Return
HFRI Index Performance 5-Year Cumulative Return
HFRI Index Standard Deviation 5-Year Annualized
HFRI Index Risk Return Comparison 5-Year Annualized
HFRI Fund Weighted Composite Constituents Risk Return Comparison 5-Year Annualized
HFRI Fund of Funds Composite Constituents Risk Return Comparison 5-Year Annualized
HFRI Index Sharpe Ratio 5-Year Annualized
HFRI Index Sortino Ratio 5-Year Annualized
HFRI Index % of Positive Monthly Performance 5-Year
Historical Monthly Correlation to BBG US Large Cap TR Index 5-Year Rolling
HFRI Composite Indices Correlation Matrix 5-Year
HFRI Equity Hedge Indices Correlation Matrix 5-Year
HFRI Event-Driven Indices Correlation Matrix 5-Year
HFRI Macro Indices Correlation Matrix 5-Year
HFRI Relative Value Indices Correlation Matrix 5-Year
HFRI Fund Weighted Composite Index Performance by Current Management Fee Bucket Period Ending Q3 2025
HFRI Index Constituents Analysis of Fund Returns Period Ending Q3 2025
HFRI Composite Indices Distribution Analysis of Constituent Fund Returns 1-Year
HFRI Main Strategy Indices Distribution Analysis of Constituent Fund Returns 1-Year
HFRI Composite Indices Distribution Analysis of Constituent Fund Returns 3-Year
HFRI Main Strategy Indices Distribution Analysis of Constituent Fund Returns 3-Year
HFRI Composite Indices Distribution Analysis of Constituent Fund Returns 5-Year
HFRI Main Strategy Indices Distribution Analysis of Constituent Fund Returns 5-Year
HFRI Fund Weighted Composite Index Performance Analysis since 2014
HFRI Main Strategy Indices Performance Analysis since 1990
HFRI Fund Weighted Composite Index Drawdown Analysis since 1990
HFRI Equity Hedge (Total) Index Drawdown Analysis since 1990
HFRI Event-Driven (Total) Index Drawdown Analysis since 1990
HFRI Macro (Total) Index Drawdown Analysis since 1990
HFRI Relative Value (Total) Index Drawdown Analysis since 1990
3. Asset Flows and Performance Analysis by Strategy
HFRI Fund Weighted Composite Index Percentage of Constituent Funds at High Watermark – Quarterly
HFRI Fund Weighted Composite Index Percentage of Constituent Funds at High Watermark – Annually
HFRI Fund Weighted Composite Index Quarterly Performance
HFRI Fund Weighted Composite Index Return Distribution Analysis and Up/Down Capture: 10-Year
HFRI Fund Weighted Composite Index CHF Quarterly Performance
HFRI Fund Weighted Composite Index CHF Return Distribution Analysis and Up/Down Capture: 10-Year
HFRI Fund Weighted Composite Index EUR Quarterly Performance
HFRI Fund Weighted Composite Index EUR Return Distribution Analysis and Up/Down Capture: 10-Year
HFRI Fund Weighted Composite Index GBP Quarterly Performance
HFRI Fund Weighted Composite Index GBP Return Distribution Analysis and Up/Down Capture: 10-Year
HFRI Fund Weighted Composite Index JPY Quarterly Performance
HFRI Fund Weighted Composite Index JPY Return Distribution Analysis and Up/Down Capture: 10-Year
Estimated Assets Fund of Funds
Estimated Net Asset Flows Fund of Funds
HFRI Fund of Funds Composite Index Quarterly Performance
HFRI Fund of Funds Composite Index Return Distribution Analysis and Up/Down Capture: 10-Year
Estimated Assets Equity Hedge (Total)
Estimated Net Asset Flows Equity Hedge (Total)
HFRI Equity Hedge (Total) Index Quarterly Performance
HFRI Equity Hedge (Total) Index Return Distribution Analysis and Up/Down Capture: 10-Year
HFRI Equity Hedge (Total) Index Constituents Risk Return Comparison 12-Month
Estimated Assets EH: Energy/Basic Materials
Estimated Net Asset Flows EH: Energy/Basic Materials
HFRI EH: Energy/Basic Materials Index Quarterly Performance
HFRI EH: Energy/Basic Materials Return Distribution Analysis and Up/Down Capture: 10-Year
Estimated Assets EH: Equity Market Neutral
Estimated Net Asset Flows EH: Equity Market Neutral
HFRI EH: Equity Market Neutral Index Quarterly Performance
HFRI EH: Equity Market Neutral Index Return Distribution Analysis and Up/Down Capture: 10-Year
Estimated Assets EH: Fundamental Growth
Estimated Net Asset Flows EH: Fundamental Growth
Estimated Assets EH: Fundamental Value
Estimated Net Asset Flows EH: Fundamental Value
Estimated Assets EH: Multi-Strategy
Estimated Net Asset Flows EH: Multi-Strategy
Estimated Assets EH: Quantitative Directional
Estimated Net Asset Flows EH: Quantitative Directional
HFRI EH: Quantitative Directional Index Quarterly Performance
HFRI EH: Quantitative Directional Index Return Distribution Analysis and Up/Down Capture: 10-Year
Estimated Assets EH: Short Bias
Estimated Net Asset Flows EH: Short Bias
Estimated Assets EH: Technology/Healthcare
Estimated Net Asset Flows EH: Technology/Healthcare
HFRI EH: Technology/Healthcare Index Quarterly Performance
HFRI EH: Technology/Healthcare Index Return Distribution Analysis and Up/Down Capture: 10-Year
Estimated Assets Event-Driven (Total)
Estimated Net Asset Flows Event-Driven (Total)
HFRI Event-Driven (Total) Index Quarterly Performance
HFRI Event-Driven (Total) Index Return Distribution Analysis and Up/Down Capture: 10-Year
HFRI Event-Driven (Total) Index Constituents Risk Return Comparison 12-Month
Estimated Assets ED: Activist
Estimated Net Asset Flows ED: Activist
Estimated Assets ED: Credit Arbitrage
Estimated Net Asset Flows ED: Credit Arbitrage
Estimated Assets ED: Distressed/Restructuring
Estimated Net Asset Flows ED: Distressed/Restructuring
HFRI ED: Distressed/Restructuring Index Quarterly Performance
HFRI ED: Distressed/Restructuring Index Return Distribution Analysis and Up/Down Capture: 10-Year
Estimated Assets ED: Merger Arbitrage
Estimated Net Asset Flows ED: Merger Arbitrage
HFRI ED: Merger Arbitrage Index Quarterly Performance
HFRI ED: Merger Arbitrage Index Return Distribution Analysis and Up/Down Capture: 10-Year
Estimated Assets ED: Multi-Strategy
Estimated Net Asset Flows ED: Multi-Strategy
Estimated Assets ED: Special Situations
Estimated Net Asset Flows ED: Special Situations
Estimated Assets Macro (Total)
Estimated Net Asset Flows Macro (Total)
HFRI Macro (Total) Index Quarterly Performance
HFRI Macro (Total) Index Return Distribution Analysis and Up/Down Capture: 10-Year
HFRI Macro (Total) Index Constituents Risk Return Comparison 12-Month
Estimated Assets Macro: Active Trading
Estimated Net Asset Flows Macro: Active Trading
Estimated Assets Macro: Commodity
Estimated Net Asset Flows Macro: Commodity
Estimated Assets Macro: Currency-Discretionary
Estimated Net Asset Flows Macro: Currency-Discretionary
Estimated Assets Macro: Currency-Systematic
Estimated Net Asset Flows Macro: Currency-Systematic
Estimated Assets Macro: Discretionary Thematic
Estimated Net Asset Flows Macro: Discretionary Thematic
Estimated Assets Macro: Multi-Strategy
Estimated Net Asset Flows Macro: Multi-Strategy
Estimated Assets Macro: Systematic Diversified
Estimated Net Asset Flows Macro: Systematic Diversified
HFRI Macro: Systematic Diversified Index Quarterly Performance
HFRI Macro: Systematic Diversified Index Return Distribution Analysis and Up/Down Capture: 10-Year
Estimated Assets Relative Value (Total)
Estimated Net Asset Flows Relative Value (Total)
HFRI Relative Value (Total) Index Quarterly Performance
HFRI Relative Value (Total) Index Return Distribution Analysis and Up/Down Capture: 10-Year
HFRI Relative Value (Total) Index Constituents Risk Return Comparison 12-Month
Estimated Assets RV: Fixed Income – Asset Backed
Estimated Net Asset Flows RV: Fixed Income – Asset Backed
HFRI RV: Fixed Income – Asset Backed Index Quarterly Performance
HFRI RV: Fixed Income – Asset Backed Index Return Distribution Analysis and Up/Down Capture: 10-Year
Estimated Assets RV: Fixed Income – Convertible Arbitrage
Estimated Net Asset Flows RV: Fixed Income – Convertible Arbitrage
HFRI RV: Fixed Income – Convertible Arbitrage Index Quarterly Performance
HFRI RV: Fixed Income – Convertible Arbitrage Index Return Distribution Analysis and Up/Down Capture: 10-Year
Estimated Assets RV: Fixed Income – Corporate
Estimated Net Asset Flows RV: Fixed Income – Corporate
HFRI RV: Fixed Income – Corporate Index Quarterly Performance
HFRI RV: Fixed Income – Corporate Index Return Distribution Analysis and Up/Down Capture: 10-Year
Estimated Assets RV: Fixed Income – Sovereign
Estimated Net Asset Flows RV: Fixed Income – Sovereign
Estimated Assets RV: Multi-Strategy
Estimated Net Asset Flows RV: Multi-Strategy
HFRI RV: Multi-Strategy Index Quarterly Performance
HFRI RV: Multi-Strategy Index Return Distribution Analysis and Up/Down Capture: 10-Year
Estimated Assets RV: Volatility
Estimated Net Asset Flows RV: Volatility
Estimated Assets RV: Yield Alternatives
Estimated Net Asset Flows RV: Yield Alternatives
HFRI RV: Yield Alternatives Index Quarterly Performance
HFRI RV: Yield Alternatives Index Return Distribution Analysis and Up/Down Capture: 10-Year

Purchase HFR Global Report

 

HFR Asian Hedge Fund Industry Report – Q2 2025

1. Asian Hedge Fund Industry Overview
Estimated Annual Assets: Asia-Focused Hedge Funds – 2002 – Q2 2025
Estimated Quarterly Assets: Asia-Focused Hedge Funds – Q1 2008 – Q2 2025
Estimated Annual Net Asset Flows: Asia-Focused Hedge Funds – 2008 – Q2 2025
Estimated Quarterly Net Asset Flows: Asia-Focused Hedge Funds – Q1 2008 – Q2 2025
Estimated Change in Asia-Focused Assets per Main Strategy – Net Asset Flow vs. Performance-Based AUM Change – Q2 2025
Estimated Change in Asia-Focused Assets per Main Strategy – Net Asset Flow vs. Performance-Based AUM Change – YTD Q2 2025
Estimated Change in Asia-Focused Assets per Sub-Region – Net Asset Flow vs. Performance-Based AUM Change – Q2 2025
Estimated Change in Asia-Focused Assets per Sub-Region – Net Asset Flow vs. Performance-Based AUM Change – YTD Q2 2025
Estimated Net Asset Flows per Main Strategy – Total Net Flow Assets of Asia-Focused Funds with Inflows vs. Outflows – Q2 2025
Estimated Growth of Hedge Fund Assets by Regional Investment Focus – Asia vs. Global vs. Total Industry 2002 – Q2 2025
Estimated Annual Assets – Hedge Fund Industry
Estimated # of Hedge Funds by Regional Investment Focus – Asia vs. Global vs. Total Industry 2002 – Q2 2025
Estimated Asia Net Asset Flows by Strategy and Region – Q2 2025
Estimated Hedge Fund Industry – by Region Investment Focus
Estimated Asian-Focused Hedge Funds – by Strategy – Q2 2025
Estimated # Funds by Strategy – Q2 2025
Estimated AUM by Strategy – Q2 2025
Estimated AUM of Asian-Focused Funds by Sub-Strategy – Q2 2025
Estimated Main Strategy AUM of Asian-Focused Funds by Sub-Strategy – Q2 2025
Estimated Sub-Regional Composition of Asia-Focused Hedge Fund Assets – 2002 – Q2 2025
Estimated Sub-Regional Composition of Asia-Focused Hedge Fund Assets – Normalized for AUM Distribution of “Global” and “Multiple Emerging Markets” AUM* – 2002 – Q2 2025
Estimated Sub-Regional Composition of # Asia-Focused Hedge Funds – 2002 – Q2 2025
Estimated Asian-Focused Hedge Funds – by Sub-Region
Estimated AUM of Asian-Focused Hedge Funds – by Sub-Region – Normalized for AUM Distribution of “Global” and “Multiple Emerging Markets” AUM – Q2 2025
Estimated Management Firm Location – # Asia-Focused Hedge Funds – Q2 2025
Estimated Management Firm Location – # Asia-Focused Hedge Funds – excluding USA and UK – Q2 2025
Estimated Domicile Registration – Total HF Industry and Asia-Focused Funds – Q2 2025
Estimated Breakdown of Prime Brokers – for Asia-Focused Hedge Funds – Q2 2025
Estimated # Funds Breakdown of Fund Administrators – for Asia-Focused Hedge Funds – Q2 2025
Estimated Breakdown of Legal Firms – for Asia-Focused Hedge Funds – Q2 2025
Estimated Breakdown of Auditors – for Asia-Focused Hedge Funds – Q2 2025
Estimated Minimum Investment Size of Asia-Focused Hedge Funds – Q2 2025
Estimated Age of Asia-Focused Hedge Funds – Q2 2025
Estimated Investment Subscriptions/Redemptions – Asia-Focused Hedge Funds – Q2 2025
Estimated Advanced Days Notice for Investor Redemptions – Asia-Focused Hedge Funds – Q2 2025

2. HFR Index Performance and Risk/Return Analysis
Index Performance Analysis
HFR Indices Annual Investment Returns – 2015 – YTD Q2 2025
Index Performance – 12-Month
Index Standard Deviation – 12-Month
Index Sharpe Ratio – 12-Month
Index % of Positive Monthly Performance – 12-Month
Index Correlation to BBG US Large Cap TR Index – 12-Month
Historical Monthly Correlation to BBG US Large Cap TR Index – 12-Month Rolling
Index Correlation to BBG APAC Dev Mrkts Large & Mid Cap TR Index – 12-Month
Historical Monthly Correlation to BBG APAC Dev Mrkts Large & Mid Cap TR Index – 12-Month Rolling
Index Correlation to BBG Emerging Markets Large & Mid Cap TR Index – 12-Month
Historical Monthly Correlation to BBG Emerging Markets Large & Mid Cap TR Index – 12-Month Rolling
Index Correlation Matrix – 12-Month
Index Performance – 3-Year Annualized
Index Performance – 3-Year Cumulative Return
Index Standard Deviation – 3-Year Annualized
Index Sharpe Ratio – 3-Year
Index % of Positive Monthly Performance – 3-Year Annualized
Index Correlation to BBG US Large Cap TR Index – 3-Year
Historical Monthly Correlation to BBG US Large Cap TR Index – 3-Year Rolling
Index Correlation to BBG APAC Dev Mrkts Large & Mid Cap TR Index Index – 3-Year
Historical Monthly Correlation to BBG APAC Dev Mrkts Large & Mid Cap TR Index – 3-Year Rolling
Index Correlation to BBG Emerging Markets Large & Mid Cap TR Index – 3-Year
Historical Monthly Correlation to BBG Emerging Markets Large & Mid Cap TR Index – 3-Year Rolling
Index Correlation Matrix – 3-Year
Distributional Properties of Returns: – Index Analysis
HFRI Emerging Markets (Total) Index – Quarterly Performance Q1 2002 – Q2 2025
HFRI Emerging Markets: Asia ex-Japan Index – Quarterly Performance Q1 2002 – Q2 2025
HFRI Emerging Markets: China Index – Quarterly Performance Q1 2008 – Q2 2025
HFRI Fund Weighted Composite Index – Quarterly Performance Q1 2002 – Q2 2025
HFRX Japan Index – Quarterly Performance Q1 2004 – Q2 2025
HFRX Asia w/Japan Index – Quarterly Performance Q1 2004 – Q2 2025
HFRX Asia ex-Japan Index – Quarterly Performance Q1 2004 – Q2 2025
HFRX China Index – Quarterly Performance Q1 2005 – Q2 2025
HFRX India Index – Quarterly Performance Q1 2005 – Q2 2025
HFRX Asia Composite Hedge Fund Index – Quarterly Performance Q1 2004 – Q2 2025
HFRX Equally Weighted Asian Index – Quarterly Performance Q1 2004 – Q2 2025
HFRI Emerging Markets (Total) Index – 3-Year Return Distribution Analysis and Up/Down Capture
HFRI Emerging Markets: Asia Index – 3-Year Return Distribution Analysis and Up/Down Capture
HFRI Emerging Markets: China Index – 3-Year Return Distribution Analysis and Up/Down Capture
HFRI Fund Weighted Composite Index – 3-Year Return Distribution Analysis and Up/Down Capture
HFRX Japan Index – 3-Year Return Distribution Analysis and Up/Down Capture
HFRX Asia with Japan Index – 3-Year Return Distribution Analysis and Up/Down Capture
HFRX Asia ex-Japan Index – 3-Year Return Distribution Analysis and Up/Down Capture
HFRX China Index – 3-Year Return Distribution Analysis and Up/Down Capture
HFRX India Index – 3-Year Return Distribution Analysis and Up/Down Capture
HFRX Asia Composite Hedge Fund Index – 3-Year Return Distribution Analysis and Up/Down Capture
HFRX Equally Weighted Asian Index – 3-Year Return Distribution Analysis and Up/Down Capture

Purchase HFR Asian Report

HFR Emerging Markets HF Industry Report – Q2 2025

1. Emerging Markets Hedge Fund Industry Overview
Estimated Annual Assets – Emerging Markets 2002 – Q2 2025
Estimated Quarterly Assets – Emerging Markets Q1 2008 – Q2 2025
Estimated Annual Net Asset Flows – Emerging Markets 2003 – Q2 2025
Estimated Quarterly Net Asset Flows – Emerging Markets Q1 2008 – Q2 2025
Estimated Change in Emerging Markets Assets per Main Strategy – Net Asset Flow vs. Performance-Based – Q2 2025
Estimated Change in Emerging Markets Assets per Main Strategy – Net Asset Flow vs. Performance-Based – YTD Q2 2025
Estimated Change in Emerging Markets Assets per Regional Investment Focus – Net Asset Flow vs. Performance-Based – Q2 2025
Estimated Change in Emerging Markets Assets per Regional Investment Focus – Net Asset Flow vs. Performance-Based – YTD Q2 2025
Percentage of Emerging Markets Funds with Inflows vs. Outflows – Q2 2025
Estimated Emerging Markets Net Asset Flows per Main Strategy – AUM of Emerging Markets Funds with Inflows vs. Outflows – Q2 2025
Estimated Emerging Markets Net Asset Flows per Sub-Region Focus – AUM of Emerging Markets Funds with Inflows vs. Outflows – Q2 2025
Estimated Assets by Regional Investment Focus – Emerging Markets vs. Global vs. Total Industry 2002 – Q2 2025
Estimated Annual Assets – Hedge Fund Industry
Estimated # Hedge Funds – Emerging Markets vs. Global vs. Total Industry 2002 – Q2 2025
Estimated Hedge Fund Industry – by Regional Investment Focus – Q2 2025
Estimated Emerging Markets Hedge Funds – by Strategy – Q2 2025
Estimated Strategy Composition Hedge Fund Assets – Emerging Markets Funds and Total HF Industry – Q2 2025
Estimated Sub-Strategy Composition of Emerging Markets Assets – Q2 2025
Estimated Sub-Strategy Composition of Emerging Markets Assets – Q2 2025
Estimated Sub-Regional Composition of Emerging Markets Assets – 2002 – Q2 2025
Estimated Sub-Regional Composition of Emerging Markets Assets – Normalized for AUM Distribution of “Global” and “Multiple Emerging Markets” AUM* – 2002 – Q2 2025
Estimated Emerging Markets Hedge Funds – by Sub-Regional Investment Focus
Estimated AUM of Emerging Markets Hedge Funds – by Sub-Regional Investment Focus – Normalized for AUM Distribution of “Global” and “Multiple Emerging Markets” AUM*
Estimated Management Firm Location by # Funds – Emerging Markets Hedge Funds – Q2 2025
Estimated Management Firm Location by # Funds – Emerging Markets Hedge Funds – excluding USA and UK – Q2 2025
Estimated Domicile Registration – Emerging Markets Funds – Q2 2025
Estimate of Prime Brokers for Emerging Markets Hedge Funds – Q2 2025
Estimate of Fund Administrators for Emerging Markets Hedge Funds – Q2 2025
Estimated Breakdown of Legal Firms for Emerging Markets Hedge Funds – Q2 2025
Estimated Breakdown of Auditors for Emerging Markets Hedge Funds – Q2 2025
Estimated Minimum Investment Size of Emerging Markets Hedge Funds – Q2 2025
Estimated Age of Emerging Markets Hedge Funds – Q2 2025
Estimated Investment Subscriptions/Redemptions – Emerging Markets Hedge Funds – Q2 2025

2. Dispersion of Emerging Markets Fund Performance
HFRI Emerging Markets (Total) Index Analysis – Dispersion of Average Fund Performance by Quartiles – Trailing 12 Months ending Q2 2025
HFRI Emerging Markets (Total) Index Analysis – Dispersion of Median Fund Performance by Quartiles – Trailing 12 Months ending Q2 2025
HFRI Emerging Markets: Asia ex-Japan Index Analysis – Dispersion of Average Fund Performance by Quartiles – Trailing 12 Months ending Q2 2025
HFRI Emerging Markets: Asia ex-Japan Index Analysis – Dispersion of Median Fund Performance by Quartiles – Trailing 12 Months ending Q2 2025
HFRI Emerging Markets: Global Index Analysis – Dispersion of Average Fund Performance by Quartiles – Trailing 12 Months ending Q2 2025
HFRI Emerging Markets: Global Index Analysis – Dispersion of Median Fund Performance by Quartiles – Trailing 12 Months ending Q2 2025
HFRI Emerging Markets: Latin America Index Analysis – Dispersion of Average Fund Performance by Quartiles – Trailing 12 Months ending Q2 2025
HFRI Emerging Markets: Latin America Index Analysis – Dispersion of Median Fund Performance by Quartiles – Trailing 12 Months ending Q2 2025

3. HFR Index Performance and Risk/Return Analysis
HFR Emerging Markets Index Performance Analysis
Emerging Markets Index Performance Analysis: – Asia ex-Japan
Emerging Markets Index Performance Analysis: – Latin America
Emerging Markets Index Performance Analysis: – Middle-East / North Africa (MENA)
HFRI Emerging Markets (Total) Index – Drawdown Analysis since 1990
Index Performance – 12-Month
Index Standard Deviation – 12-Month
Index Sharpe Ratio – 12-Month
Index Sortino Ratio – 12-Month
Index % of Positive Monthly Performance – 12-Month
Index Correlation to BBG US Large Cap TR Index – 12-Month
Historical Monthly Correlation to BBG US Large Cap TR Index – 12-Month Rolling
Historical Monthly Correlation to BBG Emerging Markets Large & Mid Cap TR Index – 12-Month Rolling
Index Correlation to BBG LATAM Large & Mid Cap TR Index – 12-Month
Index Correlation to BBG Emerging Markets Large & Mid Cap TR Index – 12-Month
Historical Monthly Correlation to BBG LATAM Large & Mid Cap TR Index – 12-Month Rolling
Index Correlation Matrix – 12-Month
Index Performance – 3-Year Annualized
Index Performance – 3-Year Cumulative Return
Index Standard Deviation – 3-Year Annualized
Index Sharpe Ratio – 3-Year
Index Sortino Ratio – 3-Year
Index % of Positive Monthly Performance – 3-Year
Index Correlation to BBG US Large Cap TR Index – 3-Year
Historical Monthly Correlation to BBG US Large Cap TR Index – 3-Year Rolling
Index Correlation to BBG Emerging Markets Large & Mid Cap TR Index – 3-Year
Historical Monthly Correlation to BBG Emerging Markets Large & Mid Cap TR Index – 3-Year Rolling
Index Correlation to BBG LATAM Large & Mid Cap TR Index – 3-Year
Historical Monthly Correlation to BBG LATAM Large & Mid Cap TR Index – 3-Year Rolling
Index Correlation Matrix – 3-Year
Index Performance – 5-Year Annualized
Index Performance – 5-Year Cumulative Return
Index Standard Deviation – 5-Year Annualized
Index Sharpe Ratio – 5-Year
Index Sortino Ratio – 5-Year
Index % of Positive Monthly Performance – 5-Year
Index Correlation to BBG US Large Cap TR Index – 5-Year
Historical Monthly Correlation to BBG US Large Cap TR Index – 5-Year Rolling
Index Correlation to BBG Emerging Markets Large & Mid Cap TR Index – 5-Year
Historical Monthly Correlation to BBG Emerging Markets Large & Mid Cap TR Index – 5-Year Rolling
Index Correlation to BBG LATAM Large & Mid Cap TR Index – 5-Year
Historical Monthly Correlation to BBG LATAM Large & Mid Cap TR Index – 5-Year Rolling
Index Correlation Matrix – 5-Year
Distributional Properties of Returns: – Index Analysis
HFRI Emerging Markets (Total) Index – Quarterly Performance Q1 2002 – Q2 2025
HFRI Emerging Markets: Asia ex-Japan Index – Quarterly Performance Q1 2002 – Q2 2025
HFRI Emerging Markets: Global Index – Quarterly Performance Q1 2002 – Q2 2025
HFRI Emerging Markets: India Index – Quarterly Performance Q1 2008 – Q2 2025
HFRI Emerging Markets: Latin America Index – Quarterly Performance Q1 2002 – Q2 2025
HFRI Emerging Markets: MENA Index – Quarterly Performance Q1 2008 – Q2 2025
HFRI Fund Weighted Composite Index – Quarterly Performance Q1 2002 – Q2 2025
HFRI Emerging Markets (Total) Index – 3-Year Return Distribution Analysis and Up/Down Capture
HFRI Emerging Markets: Asia ex-Japan Index – 3-Year Return Distribution Analysis and Up/Down Capture
HFRI Emerging Markets: Global Index – 3-Year Return Distribution Analysis and Up/Down Capture
HFRI Emerging Markets: India Index – 3-Year Return Distribution Analysis and Up/Down Capture
HFRI Emerging Markets: Latin America Index – 3-Year Return Distribution Analysis and Up/Down Capture
HFRI Emerging Markets: MENA Index – 3-Year Return Distribution Analysis and Up/Down Capture

4. HFR Index Performance and Risk/Return Analysis Periods ending July 2025
HFR Emerging Markets Index Performance Analysis – Periods ending July 2025
Emerging Markets Index Performance Analysis: – Asia ex-Japan – Periods ending July 2025
Emerging Markets Index Performance Analysis: – Latin America – Periods ending July 2025
Emerging Markets Index Performance Analysis: – Middle-East / North Africa (MENA) – Periods ending July 2025
Index Performance – 12-Month – Ending July 2025
Index Standard Deviation – 12-Month – Ending July 2025
Index Sharpe Ratio – 12-Month – Ending July 2025
Index Sortino Ratio – 12-Month – Ending July 2025
Index % of Positive Monthly Performance – 12-Month – Ending July 2025
Index Correlation to BBG US Large Cap TR Index – 12-Month – Ending July 2025
Historical Monthly Correlation to BBG US Large Cap TR Index – 12-Month Rolling – Ending July 2025
Index Correlation to BBG Emerging Markets Large & Mid Cap TR Index – 12-Month – Ending July 2025
Historical Monthly Correlation to BBG Emerging Markets Large & Mid Cap TR Index – 12-Month Rolling – Ending July 2025
Index Correlation to BBG LATAM Large & Mid Cap TR Index – 12-Month – Ending July 2025
Historical Monthly Correlation to BBG LATAM Large & Mid Cap TR Index – 12-Month Rolling – Ending July 2025
Index Correlation Matrix – 12-Month – Ending July 2025
Index Performance – 3-Year Annualized – Ending July 2025
Index Performance – 3-Year Cumulative Return – Ending July 2025
Index Standard Deviation – 3-Year Annualized – Ending July 2025
Index Sharpe Ratio – 3-Year – Ending July 2025
Index Sortino Ratio – 3-Year – Ending July 2025
Index % of Positive Monthly Performance – 3-Year – Ending July 2025
Index Correlation to BBG US Large Cap TR Index – 3-Year – Ending July 2025
Historical Monthly Correlation to BBG US Large Cap TR Index – 3-Year Rolling – Ending July 2025
Index Correlation to BBG Emerging Markets Large & Mid Cap TR Index – 3-Year – Ending July 2025
Historical Monthly Correlation to BBG Emerging Markets Large & Mid Cap TR Index – 3-Year Rolling – Ending July 2025
Index Correlation to BBG LATAM Large & Mid Cap TR Index – 3-Year – Ending July 2025
Historical Monthly Correlation to BBG LATAM Large & Mid Cap TR Index – 3-Year Rolling – Ending July 2025
Index Correlation Matrix – 3-Year – Ending July 2025
Index Performance – 5-Year Annualized – Ending July 2025
Index Performance – 5-Year Cumulative Return – Ending July 2025
Index Standard Deviation – 5-Year Annualized – Ending July 2025
Index Sharpe Ratio – 5-Year – Ending July 2025
Index Sortino Ratio – 5-Year – Ending July 2025
Index % of Positive Monthly Performance – 5-Year – Ending July 2025
Index Correlation to BBG US Large Cap TR Index – 5-Year – Ending July 2025
Historical Monthly Correlation to BBG US Large Cap TR Index – 5-Year Rolling – Ending July 2025
Index Correlation to BBG Emerging Markets Large & Mid Cap TR Index – 5-Year – Ending July 2025
Historical Monthly Correlation to BBG Emerging Markets Large & Mid Cap TR Index – 5-Year Rolling – Ending July 2025
Index Correlation to BBG LATAM Large & Mid Cap TR Index – 5-Year – Ending July 2025
Historical Monthly Correlation to BBG LATAM Large & Mid Cap TR Index – 5-Year Rolling – Ending July 2025
Index Correlation Matrix – 5-Year – Ending July 2025
Distributional Properties of Returns: – Index Analysis – Ending July 2025

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HFR Market Microstructure HF Industry Report – Q2 2025

1. Hedge Fund Industry Strategy Evolution & Growth
Estimated Growth of Industry Assets by Main Strategy Hedge Fund Industry 1990 – Q2 2025
Estimated Growth of Assets by Sub-Strategy Equity Hedge 1990 – Q2 2025
Estimated Growth of Assets by Sub-Strategy Event-Driven 1990 – Q2 2025
Estimated Growth of Assets by Sub-Strategy Macro 1990 – Q2 2025
Estimated Growth of Assets by Sub-Strategy Relative Value 1990 – Q2 2025
Estimated Growth of Assets by Funds of Hedge Funds 1990 – Q2 2025
Historical Percent of Total Industry Assets from Funds of Hedge Funds 1990 – Q2 2025
Estimated Breakdown of Fund Management Firm Location All Single-Manager Strategy Funds – Q2 2025
Estimated Breakdown of Fund Management Firm Location excluding USA and UK All Single-Manager Strategy Funds – Q2 2025
Estimated Breakdown of Fund Management Firm Location Equity Hedge – Q2 2025
Estimated Breakdown of Fund Management Firm Location Event-Driven – Q2 2025
Estimated Breakdown of Fund Management Firm Location Macro – Q2 2025
Estimated Breakdown of Fund Management Firm Location Relative Value – Q2 2025
Estimated Breakdown of Fund Management Firm Location Fund of Funds – Q2 2025
HFR Regional Investment Focus Classification
Estimated Breakdown of Fund Management Firm Location Fund Regional Investment Focus in Americas – Q2 2025
Estimated Breakdown of Fund Management Firm Location Fund Regional Investment Focus in Asia – Q2 2025
Estimated Breakdown of Fund Management Firm Location Fund Regional Investment Focus in Europe – Q2 2025
Estimated Breakdown of Fund Management Firm Location Fund Regional Investment Focus in Other Regions* – Q2 2025
2. Industry Service Providers & Hedge Fund SEC-Registration Analysis
Estimated Breakdown of Hedge Fund Prime Brokers Q2 2025
Estimated Breakdown of Hedge Fund Administrators Q2 2025
Estimated Breakdown of Hedge Fund Legal Firms Q2 2025
Estimated Breakdown of Hedge Fund Auditors Q2 2025
Estimated % SEC-Registered Investment Advisers All Hedge Fund Firms Q2 2025
Estimated % SEC-Registered Investment Advisers Hedge Fund Firms Headquartered in USA Q2 2025
3. Industry Performance & Dispersion Analysis
HFRI Fund Weighted Composite Index Quarterly Performance Q1 1990 – Q2 2025
HFRI Fund Weighted Composite Index Return Distribution Analysis and Up/Down Capture 1990 – Q2 2025
HFRI Asset Weighted Composite Index Quarterly Performance Q1 2008 – Q2 2025
HFRI Asset Weighted Composite Index Return Distribution Analysis and Up/Down Capture 2008 – Q2 2025
HFRI Fund Weighted Composite vs. HFRI Asset Weighted Composite Performance Comparison Growth of $1,000 since 2008
HFRI Fund Weighted Composite Analysis Dispersion of Average Fund Performance by Deciles Trailing 12 Months ending Q2 2025
HFRI Fund Weighted Composite Analysis Average Fund Performance of Top/Bottom Deciles 2000 – Q2 2025
HFRI Fund Weighted Composite Analysis Average Fund Performance of Top/Bottom Quintiles 2000 – Q2 2025
HFRI Fund Weighted Composite Analysis Dispersion of Median Fund Performance by Deciles Trailing 12 Months ending Q2 2025
HFRI Fund Weighted Composite Analysis Median Fund Performance of Top/Bottom Deciles 2000 – Q2 2025
HFRI Fund of Funds Composite Analysis Dispersion of Average Fund Performance by Deciles Trailing 12 Months ending Q2 2025
HFRI Fund of Funds Composite Analysis Average Fund Performance of Top/Bottom Deciles 2000 – Q2 2025
HFRI Fund of Funds Composite Analysis Average Fund Performance of Top/Bottom Quintiles 2000 – Q2 2025
HFRI Fund of Funds Composite Analysis Dispersion of Median Fund Performance by Deciles Trailing 12 Months ending Q2 2025
HFRI Fund of Funds Composite Analysis Median Fund Performance of Top/Bottom Deciles 2000 – Q2 2025
HFRI Equity Hedge Index Analysis Dispersion of Average Fund Performance by Deciles Trailing 12 Months ending Q2 2025
HFRI Event-Driven Index Analysis Dispersion of Average Fund Performance by Deciles Trailing 12 Months ending Q2 2025
HFRI Macro Index Analysis Dispersion of Average Fund Performance by Deciles Trailing 12 Months ending Q2 2025
HFRI Relative Value Index Analysis Dispersion of Average Fund Performance by Deciles Trailing 12 Months ending Q2 2025
4. Analysis of Industry Fee Structure
Average Management and Incentive Fees – All Single Manager Strategies 2008 – Q2 2025
Average and Median Management Fee per Strategy Q2 2025
Average Management Fee per Strategy 2008 – Q2 2025
% of Funds per Management Fee Tier by Strategy Q2 2025
Average and Median Management Fee per Regional Investment Focus Q2 2025
Average Management Fee per Regional Investment Focus 2008 – Q2 2025
% of Funds per Management Fee Tier by Regional Investment Focus Q2 2025
HFRI Fund Weighted Composite Index Management Fee Dispersion by Fund Performance Deciles Trailing 12 Months ending Q2 2025
HFRI Fund Weighted Composite Index Performance by Current Management Fee Tier Periods ending Q2 2025
Average and Median Incentive Fee per Strategy Q2 2025
Average Incentive Fee per Strategy 2008 – Q2 2025
% of Funds per Incentive Fee Tier Q2 2025
Average and Median Incentive Fee per Regional Investment Focus Q2 2025
Average Incentive Fee per Regional Investment Focus 2008 – Q2 2025
% of Funds per Incentive Fee Tier by Regional Investment Focus Q2 2025
Average Management Fees by Fund Launch Quarter Q1 2012 – Q2 2025
Average Management Fees by Fund Launch Year 2000 – Q2 2025
Average Incentive Fees by Fund Launch Quarter Q1 2012 – Q2 2025
Average Incentive Fees by Fund Launch Year 2000 – Q2 2025
HFRI Fund of Funds Composite Index Performance by Current Management Fee Bucket Periods ending Q2 2025
HFRI Fund of Funds Composite Index Performance by Current Incentive Fee Bucket Periods ending Q2 2025
5. Industry Launches & Liquidations
Estimated Number of Funds Launched/Liquidated 1996 – Q2 2025
Estimated Number of Funds Launched/Liquidated Quarterly Breakdown Q1 2008 – Q2 2025
Estimated Number of Fund Launches by Strategy (Stacked Bars) 1996 – Q2 2025
Estimated Breakdown of Fund Launches by Strategy (Separate Bars) 1996 – Q2 2025
Estimated % Breakdown of Fund Launches by Strategy 1996 – Q2 2025
Estimated Launch Rate of All Funds per Year 1996 – Q2 2025
Estimated Launch Rate of All Funds Q1 2008 – Q2 2025
Estimated Launch Rate of Single-Mgr Funds per Year 1996 – Q2 2025
Estimated Launch Rate of Single-Mgr Funds Q1 2008 – Q2 2025
Estimated Launch Rate of Fund of Hedge Funds per Year 1996 – Q2 2025
Estimated Launch Rate of Fund of Hedge Funds Q1 2008 – Q2 2025
Estimated Number of Fund Liquidations by Strategy (Stacked Bars) 1996 – Q2 2025
Estimated Breakdown of Fund Liquidations by Strategy (Separate Bars) 1996 – Q2 2025
Estimated % Breakdown of Fund Liquidations by Strategy 1996 – Q2 2025
Estimated Attrition Rate of All Funds per Year 1996 – Q2 2025
Estimated Attrition Rate of All Funds Q1 2008 – Q2 2025
Estimated Attrition Rate of Single-Mgr Funds per Year 1996 – Q2 2025
Estimated Attrition Rate of Single-Mgr Funds Q1 2008 – Q2 2025
Estimated Attrition Rate of Fund of Hedge Funds per Year 1996 – Q2 2025
Estimated Attrition Rate of Fund of Hedge Funds Q1 2008 – Q2 2025
Estimated Number of Fund Launches by Management Firm Location 2001 – Q2 2025
Estimated Breakdown of Fund Launches by Management Firm Location 2001 – Q2 2025
Estimated % Breakdown of Fund Launches by Management Firm Location 2001 – Q2 2025
Estimated Number of Fund Liquidations by Management Firm Location 2001 – Q2 2025
Estimated Breakdown of Fund Liquidations by Management Firm Location 2001 – Q2 2025
Estimated % Breakdown of Fund Liquidations by Management Firm Location 2001 – Q2 2025
6. Analysis of Diversity & New Manager Universes
Index Constituent Comparison Percent of Funds per Strategy Q2 2025
Index Constituent Comparison Percent of Assets per Strategy Q2 2025
Index Constituent Comparison Percent of Funds per Asset Tier Q2 2025
Index Constituent Comparison Percent of Firms per Asset Tier Q2 2025
Index Constituent Comparison Percent of Funds per Track Record Q2 2025
HFRI Fund Weighted Composite vs. Diversity Universe Growth of $1,000 since 2003
Estimated Growth of Diversity Universe Assets by Strategy 1990 – Q2 2025
Historical Percent of Total Industry Assets from Diversity Universe 1990 – Q2 2025
HFRX Global Hedge Fund Index vs. HFRX Diversity Index Growth of $1,000 since 2003
HFRI Diversity / HFRI Women Indices Performance Comparison: Periods ending Q2 2025 Growth of $1,000 since 2008
HFRX Diversity / HFRX Diversity Women Indices Performance Comparison: Periods ending Q2 2025 Growth of $1,000 since 2008
New Funds vs. Established Funds Performance / # Funds since 1995
Performance Analysis of New Funds vs. Established Funds
Historical Annual Performance of New Funds vs. Established Funds
New Funds Equity Beta Test
New Funds vs. Established Funds Average Fund Asset Size
New Funds vs. Established Funds Annual Performance per Fund Asset Size Tier since 1995
All Funds Performance per Fund Asset Size Tier
Performance by Fund Asset Size Tier Periods ending Q2 2025
New Funds vs. Established Funds Analysis by Fund Size Regression Model

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