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Insights
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Pivotal Point of View – December 2021
In addition to monthly stats, in this edition we reflect on October’s performance and discusses the month’s events that drove the various underlying sub-index results.
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Pivotal Point of View – November 2021
In addition to monthly stats, in this edition we reflect on October’s performance and discusses the month’s events that drove the various underlying sub-index results.
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Pivotal Point of View – October 2021
In addition to monthly stats, in this edition we reflect on September’s performance and discusses the month’s events that drove the various underlying sub-index results.
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Pivotal Point of View – September 2021
In addition to monthly stats, in this edition we reflect on August performance and discusses the month’s events that drove the various underlying sub-index results.
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What’s In your Index? Part 4 of the 4-Part Series
Read Part 4 of our 4-Part series.
What’s in Your Index?
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What’s In your Index? Part 3 of a 4-Part Series
Read Part 3 of our 4-Part series.
What’s in Your Index?
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Pivotal Point of View – August 2021
In addition to monthly stats, in this edition we reflect on July’s performance and discusses the month’s events that drove the various underlying sub-index results.
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Pivotal Point of View – July 2021
In addition to monthly stats, in this edition we examine the first half results and what is happening underneath the major themes of the broad indices.
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Pivotal Point of View – May 2021
In addition to monthly stats, in this edition we examine the benefits of investing in Hedge funds based on changing correlations.
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Pivotal Point of View – April 2021
In this special edition of the Pivotal Point of View, we focus on inflation, and the effects it may have on allocators’ hedge fund portfolios.
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Pivotal Point of View – March 2021
The PivotalPath Hedge Fund Composite Index added 0.8% in March, bringing the index up to 4.2% YTD. 62% of managers reported positive monthly performance, with over three-quarters of funds up in Q1. At the composite level, dispersion remained slightly elevated (3.7% vs. the long-term average of 2.9%).
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Pivotal Point of View – February 2021
The PivotalPath Hedge Fund Composite Index was up 3.4% in February and 3.6% YTD, while the S&P returned 2.8% in February and 1.7% YTD. 85% of managers reported positive monthly performance, with the median fund returning 2.9%.
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Pivotal Point of View – January 2021
PivotalPath’s Hedge Fund Composite Index started the year up +0.3% while the S&P was down -1.0%. 55% of funds reported positive numbers, with the median fund returning +0.4%. January marks the 1st month since March 2020 that Equity Sector funds exhibited negative returns, primarily dragged down by TMT (-2.3%).
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Hedge Fund Launches & Liquidations in 2020
When it comes to hedge fund launches and closures, the right questions and the right data can tell a very different story.
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Pivotal Point of View – December 2020
The PivotalPath Hedge Fund Composite Index was up 4.3% in December, with 95% of funds reporting positive performance. 74% of managers ended 2020 in positive territory, with the Composite up 11.7% for the year.
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Pivotal Point of View – November 2020
November was a big month for markets, with the S&P 500 up 10.7%. In aggregate, hedge funds were up 5% for the month with 86% of managers reporting positive performance. YTD, hedge funds are up just over 7% and continue to deliver better risk-adjusted results than the S&P, as indicated by their respective Sharpe ratios, 0.70 vs. 0.57.
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How Do Hedge Funds Perform in Times of Divided vs. Unified Government?
How could Georgia’s upcoming run-off election, which will determine control of the Senate, affect hedge funds over the next congressional term?
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Pivotal Point of View – October 2020
For the year, hedge funds are outpacing the S&P 500, the former up 2.0% and the latter up 1.2%. Specifically, in October, the S&P was down 2.8% while the PivotalPath Hedge Fund Composite Index, which is asset-weighted across high-level strategies, was flat. At the fund-level, 55% of managers reported positive performance for the month.
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What Happens to Hedge Fund Performance on Either Side of an Election?
We take a look at hedge fund trends historically, both prior to and following U.S. presidential elections.
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Pivotal Point of View – September 2020
High-level strategies performed within 220 bps of each other in September, ranging from down 1.2% (Managed Futures) to up 1.0% (Event Driven). YTD is a different story, with almost 14% separating the top, Equity Sector up 10.3%, from the bottom, Managed Futures down 3.4%. Interestingly, our Composite’s dispersion is 2.8% for the month, just below the long-term average (2.9%).