HFRI Performance Notes
HFRI 500 GAINS IN APRIL AS MANAGERS NAVIGATE BANKING TURMOILMacro strategies lead HFRI 500 as volatility surges across asset classes; HFRI Equity Hedge Index extends strong, opportunistic YTD gains CHICAGO, (May 5, 2023) – Hedge funds posted gains in April as banking turmoil and volatility accelerated throughout the month and extended into May with the closure and distressed... Read More
HEDGE FUND PERFORMANCE MIXED IN MARCH AS BANK RISK SOARSEquity Hedge strategies advance in volatile month;Cryptocurrency, Risk Parity surge; Quantitative Macro CTAs declineCHICAGO, (April 10, 2023) – Hedge funds posted mixed performance in March as bank risk soared amidst instability and dislocations resulting from several bank failures and the acquisition of Credit Suisse by UBS. The HFRI Fund... Read More
MACRO LEADS HEDGE FUND PERFORMANCE IN VOLATILE FEBRUARYEvent-Driven strategies also advance as equities fall;HFR launches investable HFRI 400 (US) Index familyCHICAGO, (March 7, 2023) – Hedge funds topped equity and fixed income declines in February as investors positioned for ongoing generational inflation, higher interest rates and the possibility of an economic recession in 2023. On... Read More
HFRI 500 SURGES TO BEGIN 2023Directional Equity Hedge, Event Driven lead strategy gains; ED: Distressed, Special Situations, Shareholder Activist surge on M&A outlook; HFR Cryptocurrency, Risk Parity Indices jump, paring 2022 declinesCHICAGO, (February 7, 2023) – Hedge funds surged to begin 2023 as risk-on sentiment dominated financial markets and investors positioned for a moderation... Read More
HFRI 500 MACRO GAINS IN DECEMBER, LEADS INDUSTRY TO RECORD OUTPERFORMANCE IN 2022Fundamental Commodity, Quant/Trend CTA Macro dominate volatility; HFRI Asset Weighted Composite Index posts gain for FY 2022CHICAGO, (January 9, 2023) – Hedge funds posted mixed performance in December to conclude the volatile 2022, though still outperformed accelerating declines in equity and fixed income... Read More
HFRI 500 GAINS IN NOVEMBER AS INTEREST RATES FALL, CRYPTOCURRENCIES PLUNGEInterest rate-sensitive Relative Value Arbitrage, Directional Equity Hedge top strategy gains; Risk Parity surges in NovemberCHICAGO, (December 7, 2022) – Hedge funds extended gains in November, as interest rates posted sharp declines as generational inflationary pressures began to moderate, while investors positioned... Read More
HFRI 500 GAINS HEADING INTO ELECTIONS, POLITICAL TRANSITIONSDirectional Event Driven, Equity Hedge lead as equities recover in October; Inflation, rates drive elections and volatility as Uncorrelated Macro, trend following CTAs extend historic performanceCHICAGO, (November 7, 2022) – Hedge funds advanced in October, as equity markets posted a strong recovery, with the DJIA surging to... Read More
HFRI 500 MACRO SURGE ACCELERATES AS US DOLLAR EXTENDS HISTORIC GAINSQuant, trend-following and Currency lead as British Pound posts steep decline; HFRI 500 tops equities by over 700 basis points in September; Larger funds outperform, HFRI Asset Weighted Index +1.1 percent for month CHICAGO, (October 7, 2022) – Macro hedge funds surged in September, with strong... Read More
HFRI 500 GAINS AS EQUITIES FALL IN AUGUSTCommodity, Currency & Multi-Strategy lead Macro gains; Interest rate sensitive Relative Value, Event Driven also advanceCHICAGO, (September 8, 2022) – Hedge funds gained in August as U.S. equity markets declined, reversing strong intra-month gains with declines into month end, as the Federal Reserve warned that aggressive monetary policy measures... Read More
EQUITY HEDGE FUNDS LEAD INDUSTRY GAINS TO BEGIN SECOND HALF OF 2022 HFRI 500 Event Driven also surges, led by Activist, Multi-Strategy; HFR Risk Parity Vol 15 Index vaults over 8 percent in JulyCHICAGO, (August 5, 2022) – Hedge funds gained in July as US equity markets posted a strong reversal after the worst first half of a calendar year in over 50 years, despite accelerating... Read More
HEDGE FUNDS DECLINE IN JUNE AS EQUITIES COMPLETE WORST 1H IN HALF CENTURY HFRI 500 Macro advances in June, surges +14.2 percent in 1H22;HFRI Asset Weighted Composite gains +1.6 percent in 1H22 as larger funds outperform; abrdn launches HFRI 500 Index tracking fund CHICAGO, (July 8, 2022) – Hedge funds declined in June as equity markets extended steep YTD losses, with... Read More
HFRI 500 INDEX POSTS MIXED DECLINE IN MAY AS FINANCIAL MARKET VOLATILITY ACCELERATESEnergy, Commodity Hedge Funds extend 2022 gains; HFRI 500 outperformance of Nasdaq expands CHICAGO, (June 7, 2022) – Hedge funds produced mixed declines in May as volatility across global equity, bonds and commodity markets accelerated, with equities falling into correction territory amidst many... Read More
HFRI 500 GAINS IN APRIL AS MACRO EXTENDS SURGE, EQUITIES POST HISTORIC DECLINEQuant, Trend Following, Fundamental Commodity, and Discretionary extend record performance surge as equities post steep losses; HFRI 500 tops Nasdaq by nearly 2200 bps YTD CHICAGO, (May 6, 2022) – Hedge funds posted gains in April as global equities and bonds suffered historic declines, accelerating an... Read More
MACRO HEDGE FUNDS SURGE IN MARCH AS INFLATION, GEOPOLITICAL RISK SPIKEHFRI FWC gains as commodities vault on inflation, Russian war in Ukraine; Commodity, Discretionary, and Quant Macro accelerate 2022 returns; HFRI 500 tops Nasdaq by nearly 1000 bps for 1QCHICAGO, (April 7, 2022) – Macro hedge funds surged to lead industry-wide gains in March, completing a record 1Q by again... Read More
MACRO HEDGE FUND GAINS ACCELERATE AS GEOPOLITICAL RISK SURGES HFRI advances as Russia invades Ukraine, commodities surge; Commodity, Discretionary, and Quant Macro extend 2022 gains; HFRI 500 tops Nasdaq by over 450 bpsCHICAGO, (March 7, 2022) – Macro hedge funds led industry-wide gains in February, extending the strong start to 2022 by again posting negatively-... Read More
MACRO HEDGE FUNDS GAIN IN VOLATILE JANUARYCommodity, Discretionary, and Quant Macro navigate steep equity, bond declines; HFRI 500 tops Nasdaq by over 700 bpsCHICAGO, (February 7, 2022) – Macro hedge funds posted strong, negatively-correlated gains in January as equity and fixed income markets suffered steep losses, while investors positioned for sharp interest rate increases and... Read More
HFRI GAINS TO CONCLUDE STRONG 2021Equity Hedge, Event Driven lead reversal of November declines; Crypto, Commodity, Activist, Energy and Yield Alternatives lead gains for ’21; Inflation, interest rates, virus and crypto top exposure themes into ‘22CHICAGO, (January 7, 2022) – Hedge funds advanced in December to conclude a strong year dominated by uncertainty and high volatility, as... Read More
HFRI FALLS ON OMICRON FEARSEquity Hedge, Macro lead late-month decline to largest since March 2020; Fixed income-based RVA mixed as funds position for higher ratesCHICAGO, (December 7, 2021) – Hedge funds declined in November, posting the largest single-month decline since March 2020, as equities fell sharply late in the month driven by fears of new restrictions related to the Omicron... Read More
HEDGE FUND INDUSTRY CAPITAL SURPASSES HISTORIC MILESTONE HFRI performance drives industry capital to exceed $4 trillion; Equity Hedge leads broad-based strategy gains as short-term rates riseCHICAGO, (November 5, 2021) – Hedge funds advanced in October, as short-term interest rates rose while the yield curve flattened, and global equity markets reversed prior month losses. The... Read More
In February, global equity markets posted declines as geopolitical tensions increased sharply because of the Russian military invasion of Ukraine and global inflationary pressures continuing to mount. Equity market declines were led by Large-cap & Technology, while developed market regional declines were led by Germany & France. Russian equity markets lost one-third of their value before... Read More
FIXED INCOME HEDGE FUNDS LEAD GAINS IN SEPTEMBER AS INTEREST RATES RISE HFRI Relative Value Arbitrage leads performance in volatile month; Energy, Commodity funds surge as bonds, equities fall CHICAGO, (October 7, 2021) – Hedge funds gained in September, navigating a volatile month paced by sharp declines in global equities and fixed income, as inflationary pressures continued to... Read More
HEDGE FUNDS GAIN AS POLITICAL RISKS RISE Equity Hedge tops strategy performance as HFRI posts 10th gain in 11 months; Uncertainty around Afghanistan, stimulus, spending and reopening increase CHICAGO, (September 8, 2021) – Hedge funds advanced in August, despite increasing risks associated with instability in Afghanistan and expectations for Federal Reserve stimulus reductions, as... Read More
HEDGE FUNDS POST NARROW DECLINE IN JULYHFRI Macro tops strategy performance on mixed equity, inflation, reopening; First decline for HFRI FWC since September 2020 CHICAGO, (August 6, 2021) – Hedge funds posted a narrow loss in July, the first decline since September 2020, ending the streak of consecutive monthly gains at nine. The HFRI Fund Weighted Composite Index® (FWC) fell -0.6... Read More
HEDGE FUNDS POST STRONGEST 1H GAIN SINCE 1999HFRI Equity Hedge tops strategy performance on reopening, inflation uptick; Sub-Strategies led by Technology, Commodity on earnings, oil volatilityCHICAGO, (July 8, 2021) – Hedge fund performance advanced in June, extending the streak of consecutive monthly gains to nine and completing the best first half of a calendar year since 1999, driven by... Read More
HEDGE FUNDS EXTEND GAINS AS INFLATIONARY PRESSURES BUILD HFRI Macro, Event Driven lead as economic reopening accelerates; Energy, Activist, Special Sits, Fundamental Value, and Emerging Markets surgeCHICAGO, (June 7, 2021) – Hedge funds extended performance gains in May for the eighth consecutive month as investor optimism accelerated regarding the US economic reopening and despite... Read More
HEDGE FUNDS GAINS ACCELERATE IN APRIL HFRI Equity Hedge, Macro extend surge on US reopening; Crypto, Technology, Special Situations drive sub-strategy performanceCHICAGO, (May 7, 2021) – Hedge funds advanced in April for the seventh consecutive month on strong corporate earnings and investor optimism regarding the US economic reopening, extending gains from both 1Q21 and FY20. The HFRI Fund... Read More
HEDGE FUNDS EXTEND GAINS TO CONCLUDE STRONG 1Q HFRI Event-Driven leads on economic optimism, deep value focus; Crypto, Activist, Energy, Quant drive sub-strategy performance CHICAGO, (April 8, 2021) – Hedge funds advanced in March for the sixth consecutive month despite acceleration in realized equity market volatility, completing a strong 1Q 2021. Recent strong performance... Read More
HEDGE FUNDS SURGE IN FEBRUARY AS INTEREST RATES RISEHFRI Equity Hedge leads broad-based gains as retail trading trend expands; Macro, CTA strategies advance on rates, commodities; Crypto, Activist, Technology, Energy sub-strategies also lead CHICAGO, (March 5, 2021) – Hedge funds surged in February to extend January gains as interest rates, commodity prices, and expectations... Read More
HEDGE FUNDS GAIN IN JANUARY, NAVIGATING VOLATILITY HFRI Event Driven, RVA & Crypto lead strategy performance; Deep value Special Situations, Merger Arbitrage, Credit lead sub-strategies CHICAGO, (February 5, 2021) – Hedge funds advanced in January to begin 2021, actively trading through a turbulent month dominated by a volatile surge in trading from retail investors concentrated in a... Read More
HFRI EXTENDS SURGE TO CONCLUDE 2020Equity, Event and Crypto gains broadened to include Quant, CTA & Energy Vaccine rollouts, clarity on US, UK politics drive investor optimism into 2021; HFRI 500 tops DJIA, FTSE 100 for 2020 CHICAGO, (January 8, 2021) – Hedge funds surged once again in December, extending strong November gains and concluding the volatile year, which had been... Read More
HEDGE FUNDS SURGE ON U.S. ELECTION RESULTS, VACCINE OPTIMISM HFRI 500 posts near-record monthly advance; Equity Hedge, Event-Driven lead broad-based strategy gains; HFR Blockchain, Cryptocurrency Index soar on Bitcoin record; Aberdeen Standard commences fundraising for new fund platform including HFRI 500 tracker fund CHICAGO, (December 7, 2020) – The HFRI 500 Index surged to its... Read More
HFRI GAINS AS EQUITIES FALL ON VIRUS LOCKDOWNS, U.S. ELECTION UNCERTAINTY Equity Hedge, Event-Driven lead as DJIA, DAX post sharp declines; HFRI 500 Commodity, Tech drive sub-strategies as rates rise CHICAGO, (November 6, 2020) – Hedge funds posted performance gains in October, navigating a hectic month of campaigning heading into the U.S. election, which was also punctuated by a sharp... Read More
HEDGE FUNDS DECLINE IN SEPTEMBER AS ELECTION, VIRUS UNCERTAINTY RISE Event-Driven strategies gain as equities fall; HFRI snaps streak of 5 consecutive months of gains CHICAGO, (October 7, 2020) – Hedge funds posted mixed declines in September as investor risk tolerance fell over uncertainty regarding additional coronavirus spreading in Europe and the US, the strength of the US economy and... Read More
HEDGE FUNDS NAVIGATE VIRUS, POLITICS IN AUGUST TO EXTEND HISTORIC FIVE-MONTH SURGEHFRI Equity Hedge gains +4.3 percent, vaults over +22 percent since March; Quant Directional, Tech, Energy, Activist lead sub-strategy gainsCHICAGO, (September 8, 2020) – Hedge funds extended the recent performance surge in August, navigating a complex and volatile environment driven by the ongoing... Read More
HEDGE FUNDS SURGE IN JULY, HFRI 500 MOVES POSITIVE YTD Energy, Tech, Activist exposures lead; HFRI Macro, Relative Value Arbitrage gain on Gold, Rates; Trend-following CTAs & Blockchain funds climb CHICAGO, (August 7, 2020) – Hedge funds surged in July to begin 2H20, with the HFRI Fund Weighted Composite Index® (FWC) posting the 2nd highest monthly gain since January 2019 and the 3rd... Read More
HFRI 500 GAINS TO CONCLUDE VOLATILE 1H20 Equity Hedge, Event-Driven lead June performance despite ongoing virus risks; 1H20 led by Technology, Currency, Healthcare exposures through pandemic; Nearly half of all hedge funds positive for 1H20 CHICAGO, (July 8, 2020) – Hedge funds advanced in June for the third consecutive month, concluding a volatile 1H20 defined by a steep 1Q... Read More
HEDGE FUNDS EXTEND GAINS IN MAY AS BUSINESS REOPENINGS ACCELERATE Equity Hedge, Event-Driven lead on surge in Growth, Activist, Special Situations; HFRI Diversity Index rises, leading global composite CHICAGO, (June 5, 2020) – Hedge funds advanced in May, extending strong April gains as the reopening of businesses accelerated throughout the month, and despite historically high unemployment... Read More
HFRI SURGES TO BEST GAIN SINCE 2009 AS MANAGERS NAVIGATE PANDEMIC VOLATILITY Equity Hedge, Event-Driven lead surge following March swoon; Volatile HFRI Energy/Basic Materials jumps over 14 percent CHICAGO, (May 7, 2020) – Hedge funds surged to the strongest monthly gain in over 10 years in April, as managers positioned for the re-opening of... Read More
MACRO HEDGE FUNDS GAIN AS GLOBAL PANDEMIC DRIVES STEEP EQUITY LOSSES HFRI 500 Relative Value also advance on long Volatility exposure; Quantitative, Trend-following CTA strategies lead through volatility; Event-Driven strategies post record monthly declines on spread widening CHICAGO, (April 7, 2020) – Macro hedge funds gained in March as the widening coronavirus pandemic drove steep... Read More
HFRI 500 RELATIVE VALUE GAINS IN FEBRUARY AS GLOBAL EQUITIES PLUNGE ON CONTAGION FEARS HFRI Convertible Arbitrage gains +1.8 for month; HFRI Fund Weighted Composite Index falls -1.7 percent, topping DJIA by 800 bps CHICAGO, (March 6, 2020) – Hedge funds posted mixed performance in February, led by fixed income-based Relative Value Arbitrage strategies, as global equities and commodities suffered... Read More
HFRI MIXED IN JANUARY AS VIRUS CONTAGION FEARS DRIVE VOLATILITY Macro, Technology lead strategy gains as equities decline into month-end;HFR Blockchain surges again CHICAGO, (February 7, 2020) – Hedge funds posted mixed performance in January, as fears of contagion related to the coronavirus drove global equity market volatility into month-end. The HFRI Fund Weighted Composite Index® posted a... Read More