Hedgerahastojen hyvät tuotot houkuttelevat institutionaalisia sijoittajia

BlackRockin tutkimuksen mukaan hedgerahastot ovat tuottaneet hyvin.
28 prosenttia suurista institutionaalisista sijoittajista uskoo lisäävänsä sijoituksiaan hedgerahastoihin vuonna 2014

BlackRockin uuden tutkimuksen mukaan hedgerahastoihin virtaa runsaasti lisää varoja kuluvan vuoden aikana. Sijoittajat etsivät vaihtoehtoisia tuoton lähteitä perinteisten sijoituskohteiden, kuten osakkeiden ja joukkolainojen, sijaan.

Mark Woolley, BlackRockin Euroopan ja Aasian hedgerahastotutkimuksen johtaja, sanoo: ”Hedgerahastoja verrataan usein perinteisiin osakesijoituksiin, mutta institutionaaliset sijoittajat eivät tee näin. Suuret institutionaaliset sijoittajat ovat kiinnostuneempia salkkujensa riski- ja tuotto-ominaisuuksista kuin vain kokonaistuotosta. Monet hedgerahastonhoitajat pääsivät hyviin tuottoihin viime vuonna.”

Alkuperäinen tiedote alla.

Hedge fund industry performance attracts institutional investors

  • New BlackRock research finds strong industry ability to generate alpha
  • 28 per cent of large institutional investors say they are likely to increase hedge fund allocations in 2014

 A wave of new money could flow into hedge funds after strong recent industry performance, new BlackRock research suggests.

Low interest rates and unfunded pension fund liabilities are encouraging institutional investors to re-think their allocations to traditional assets like equities and bonds, and seek alternative sources of income and growth. BlackRock analysis of the industry found the average (median) hedge fund generated alpha of 3.1 per cent (BlackRock, HFR, Inc.). The average hedge fund delivered a total return of 9.1 per cent (HFRI Fund Weighted Composite Index), meaning almost a third of the return was generated through manager skill or ‘alpha’.

Mark Woolley, Head of European and Asian Hedge Fund Research at BlackRock Alternative Advisors, said, “Hedge funds often get compared to standard equities benchmarks, but institutional investors don’t look at them this way. Of course gross returns matter, but large institutional investors are much more interested in the risk and return characteristics of their portfolios and many will have been very pleased with the alpha their hedge fund managers delivered last year.”

Alpha in 2013

Dispersion of Hedge Fund Alpha by Strategy   in 2013
Equity Hedge Event Driven Macro Relative Value Total
Percentiles 90% 20.3% 16.6% 20.5% 16.2% 19.4%
75% 10.7% 10.4% 10.8% 8.9% 10.4%
50% 2.1% 4.8% 2.3% 4.6% 3.1%
25% -6.0% -0.5% -4.0% -0.3% -3.8%
10% -15.3% -7.2% -11.5% -5.1% -12.5%
Interdecile range 35.6% 23.8% 32.0% 21.4% 31.9%
Interquartile range 16.7% 10.9% 14.8% 9.2% 14.2%
Fund Count 751 165 350 297 1563

Source: HFR, Inc., BlackRock

BlackRock’s research examined the 2013 returns of 1,563 hedge fund managers in the Hedge Fund Research, Inc database, separating returns into three categories – ‘traditional beta’ such as general market returns, ‘non-traditional beta’ such as equity sector spreads, and ‘alpha’ – the component of the returns that was unexplained and therefore attributable to manager skill.

While the average (median) hedge fund delivered 3.1 per cent of alpha, different strategies and styles provided differing opportunities. 2013 was a particularly good year for investors in event-driven hedge funds, which seek to profit from market events like mergers and acquisitions or short sales of distressed securities. On average, median alpha in this group was 4.8 contributing to an index total return of 12.6 per cent (HFRI Event-Driven Total Index).

Mr. Woolley explained, “Institutional investors want diversifying assets to smooth overall portfolio returns and minimize funding level volatility, and many strategies would have helped them achieve this. However, the dispersion of returns between the best and worst performers is wide, so picking the right managers in a systematic way is key.”

Increasing allocations

Because of market challenges many pension funds, insurers and other institutional investors are considering increasing allocations to hedge funds and other alternative investments in 2014.

In December, BlackRock surveyed 87 of the world’s largest institutional investors representing over $6 trillion of assets. 28 per cent of respondents said they intended to increase allocations to hedge funds in 2014 while just 13 per cent said they would decrease allocations – a net 15 per cent increase.

Mr. Woolley added, “The role that hedge funds play in institutional investor portfolios is changing. For many years, people saw them as homogenous, high risk and high return investments comparable with risky asset classes like equities, but this view has changed and many institutional investors are using hedge funds as sources of differentiated risk exposure and returns that are uncorrelated to traditional markets. Today, we see good opportunities in direct lending, arbitrage strategies, long/short equities and distressed debt.”

BlackRock is one of the world’s largest hedge fund managers, managing $43 billion across single strategy funds, multi-strategy funds and custom hedge fund solutions. BlackRock is a preeminent provider of alternative investment solutions globally, with over $112 billion in assets as of December 2013.

~ Ends ~

For more information please contact:

Stephen White   

+44 (0)207 743 1299

Tom Willetts, FTI Consulting
+44 (0)20 7269 7175

About BlackRock

BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At December 31, 2013, BlackRock’s AUM was $4.324 trillion. BlackRock helps clients meet their goals and overcome challenges with a range of products that include separate accounts, mutual funds, iShares® (exchange-traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions®. Headquartered in New York City, as of December 31, 2013, the firm had approximately 11,400 employees in more than 30 countries and a major presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa. For additional information, please visit the Company’s website at www.blackrock.com.

This material is for distribution to Professional Clients only (as defined by the FCA Rules) and should not be relied upon by any other persons.

Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: 020 7743 3000. Registered in England No. 2020394. For your protection telephone calls are usually recorded. BlackRock is a trading name of BlackRock Investment Management (UK) Limited.

Past performance is not a guide to future performance. The value of investments and the income from them can fall as well as rise and is not guaranteed. You may not get back the amount originally invested. Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time.

Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy.

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