Wednesday, February 20, 2008

Hedge funds vs The Market

So now I know how to add images. Rock on!

This one is a 1 year (Bloomberg) chart of the Eurekahedge Asia ex Japan Long Short Equities Hedge Fund Index vs the MSCI AC Asia ex-Japan index.

What does it tell you? I guess it shows that equity hedge funds, in aggregate (subject to survivor bias) tend to underperform in upmarkets and outperform in downmarkets. Over the last 12 months, you'd be about flat vs the market, up in absolute $ terms, but with quite a lot more hair left.

That said, there are so many different styles and mandates out there even within the that an aggregate performance figure can only tell you so much.
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