Pivotal Point of View – July 2024

For allocators evaluating hedge fund performance, context matters.

Key Takeaways:

• The PivotalPath Composite Index was up 0.1% in June and +6% YTD. The Index continues to generate positive alpha of 5.7% relative to the S&P 500 (S&P) over the last 12 months, even as equity markets were mixed in June and are broadly positive for the year.
• PivotalPath Index App
  • PivotalPath’s free Index App is creating an accurate and common ‘performance language’, enabling better communication between hedge funds and allocators. Click here to access the app.
• Quant, AI, and Multi-Strats delight, Managed Futures continues its breather and dispersion persists
  • Our Equity Quant Index led all indices in June returning 2.1%. Its 9.1% return YTD ranks 3rd across all PivotalPath Indices.
  • Our Equity Sector: Technology / Media / Telecom Index surged 1.7% to lead the Equity Sector Index higher, and is now up 9.5% YTD.
  • PivotalPath’s Multi-Strategy Index gained 0.7%, while its 5.9% return YTD is in line with its return for all of 2023.
  • The S&P 500 Index’s 12.8% return spread over the Russell 2000 Index in the first six months of 2024 sits in the 99th percentile of rolling 6-month periods since 2000.