Fri, Mar. 18, 3:19 AM
- More hedge funds closed their doors in 2015 than at any time since the financial crisis, as turbulent markets dragged down the industry's performance.
- According to data from Hedge Fund Research, last year was the worst period for liquidations since 2009, with 979 funds closing, up from 864 in 2014.
- The fourth quarter of 2015 also saw the fewest new hedge funds starting up since 2009, with just 183 openings compared to 269 in the third quarter.
- Previously: More troubles for Bill Ackman (Mar. 18 2016)
- ETFs: QAI, MCRO, HDG, ALTS, QEH, MULT, HHDG, DRVN, HHFR
Nov. 24, 2015, 12:46 PM
- The Global X Guru ETF (NYSEARCA:GURU) - which tracks hedge funds' top holdings via 13F filings - is lower by 10% since the start of August, nearly 900 basis points worse than the S&P 500.
- The AlphaClone Alternative Alpha ETF (NYSEARCA:ALFA) - which tracks performance of U.S. stocks to which hedge funds and institutional investors have disclosed "significant" exposure - is down a whopping 19% over the same period.
- It's the "hedge fund hotel" effect, and those names popular with the Greenwich crowd - think Valeant, Community Health Systems, Ally Financial - are among those which have been especially punished in the last four months.
- Goldman tracks these favorites, and they outperformed the market from 2012 to 2014, but this year they've trailed the S&P 500 by 500 basis points.
- Previously: Rough time for hedge fund hotels (Nov. 23)
- ETFs: VQT, PHDG, VIXH, QAI, VSPY, MCRO, SPXH, HDG, VQTS, QEH, ALTS, TRSK, MULT, HHDG, DRVN, HHFR
Oct. 10, 2014, 1:38 PM
- The ProShares Morningstar Alternatives Solution ETF (NYSEARCA:ALTS), the first ETF based on a Morningstar (NASDAQ:MORN) index comprising a broad range of alternative strategies, began trading yesterday.
- The index selects the underlying ProShares ETF holdings for the fund based on the improvement in portfolio risk/return characteristics each underlying ETF provides to a traditional stock and bond portfolio.
- Other alternative strategy ETFs: QAI, MCRO, HDG, QEH, MULT
Aug. 13, 2014, 1:34 PM
- The First Trust Strategic Income ETF (Pending:FDIV) is an actively managed, multi-manager fund that will seek risk adjusted income and capital appreciation for its investors.
- First Trust Global Portfolios Ltd; Energy Income Partners, LLC; Stonebridge Advisors LLC; and Richard Bernstein Advisors are the four subadvisors that will together manage FDIV.
- According to the prospectus, the fund will include high-yield corporate bonds and senior floating-rate loans; mortgage-related investments; preferred securities; international sovereign bonds; energy infrastructure equities; and high-dividend equity securities.
- Other broad hedge fund replication ETFs: QAI, MCRO, HDG, QEH, MULT
Jul. 8, 2014, 2:02 PM
- The AdvisorShares Sunrise Global Multi-Strategy ETF (MULT) will roll out on July 9th, featuring an active long/short strategy.
- MULT will have an expense ratio of 189 basis points and feature coverage of a variety of asset classes through ETFs, futures, foreign currencies, and U.S. Treasurys.
- The fund structure is similar to the IQ Hedge Multi-Strategy Tracker ETF (QAI), a veteran multi-strategy fund which features an expense ratio of 94 basis points and has returned 3.5% since the start of the year.
- Other hedge fund replication ETFs: MCRO, HDG, QEH
Mar. 11, 2014, 12:54 PM
- The First Trust RBA Quality Income ETF (QINC) and RBA American Industrial Renaissance ETF (AIRR) will track their respective Richard Bernstein Advisors indexes; QINC will focus on total return through global firms with strong dividends and capital appreciation potential, while AIRR will invest in both small and mid-cap domestic firms in the industrial and community banking sectors.
- High dividend ETFs and capital strength ETFs: VYM, HDV, KBWD, PEY, DIV, RDIV, FTCS
- Regional banking ETFs: KRE, KBE, IAT, RKH, QABA, KRU, KBWR, KRS
- The Global X Guru Small Cap Index ETF (GURX) and Guru International Index ETF (GURI) are hoping to capitalize on the success of GURU by offering exposure to small-cap and international (respectively) stocks that large hedge fund managers hold.
- Broad hedge fund replication ETFs: QAI, MCRO, HDG, QEH
Mar. 10, 2014, 10:07 AM
- To those who remember the risk on/risk off days of 2011 when the entire universe of assets seemingly moved together based on the utterings of some politician here or across the pond, today is quite a different matter. The instances of days in which more than 90% of S&P 500 stocks move together have all but vanished late last year and this year.
- The 65-day average correlation of stocks fell to 0.52% in January vs. an average of 0.63% between 2009 and 2013 (it rose as high as 0.84% late in 2011).
- Investors have responded by moving money into so-called actively managed strategies, with those funds seeing inflows of $1.3B this year on top of $9.8B in 2013. It's a small amount, but contrasts with $360B pulled out of such funds between 2009-2012.
- Related ETFs: GURU, ALFA, CSM, QAI, ONN, OFF, BTAL, MCRO, CHEP, RALS, HDG, QEH, AGLS, CSLS, SIZ, QMN, CSMN
Aug. 8, 2012, 12:36 PMOpening for trade today is the QAM Equity Hedge ETF (QEH), seeking to replicate the long/short strategies used by hedge funds. Why would anyone wnat to replicate a strategy notable for its weak performance? Volatility, says fund manager Kurt Voldeng. By pooling the strategies, one gets equity-like returns with a fraction of the market's volatility. | Aug. 8, 2012, 12:36 PM | 1 Comment
" The AdvisorShares QAM Equity Hedge ETF (QEH) seeks investment results that exceed the risk adjusted performance of approximately 50% of the long/short equity hedge fund universe as defined by the HFRI Equity Hedge Total Index constituents, in an effort to produce higher returns with lower risk than the S&P 500 Index over time. QEH is managed by Commerce Asset Management (“Portfolio Manager”). The Portfolio Manager seeks to achieve the objective by employing an actively managed long/short equity strategy that attempts to gain global net equity exposures that approximate those of the universe of managers in the HFRI Equity Hedge Total Index. Additionally, the Portfolio Manager, utilizes advanced algorithms including Markov Processes International’s (“MPI”) proprietary and patented style analysis technique and associated algorithms, DSA (“Dynamic Style Analysis”), patented hedge fund analysis software, combined with the Portfolio Manager’s qualitative knowledge of the hedge fund investor community to develop investment strategies."
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