Pivotal Point of View – September 2024

For allocators evaluating hedge fund performance, context matters.

Key Takeaways:

• The PivotalPath Composite Index was up 0.3% in August and +7.2% YTD. The Index continues to generate positive alpha of 5.4% relative to the S&P 500 (S&P) over the last 12 months as equity markets were mixed and volatile in August, while remaining largely positive for the year. 

• PivotalPath Index App
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• Launch environment continues to sizzle:
  • PivotalPath is tracking 147 high-quality launches (those leaving mangers with $1bn+ in AUM) between Q1 2024 and Q2 2025, with 53 (37%) coming from multi-strats.
• Volatility spiked in early August before reversing and finishing the month down 8.3%. The Volatility impacted PivotalPath’s Managed Futures and Global Macro Indices while a number of stock picking strategies continued to show their worth during a choppy period.
  • The PivotalPath Equity Sector: Healthcare and Real Estate Indices led the way in August returning 2.2% and 1.8% respectively. The Equity Sector is now the best performing index in 2024 and through the past rolling 12-month period.
  • The PivotalPath Equity Sector: Financials Index continues its strong performance returning 11.2% in 2024, 8.2% in Q3 and 20.3% over the past 12 months.