LIPPER PERFORMANCE SNAPSHOT
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1 LIPPER PERFORMANCE SNAPSHOT HEDGE FUNDS MAY 2010 Authored By: Aureliano Gentilini Global Head of Hedge Fund Research Pennapa Tantiyakul Hedge Fund Research Analyst
2 Lipper Performance Snapshot Page Intentionally Left Blank Page 1
3 Page 2 Lipper Performance Snapshot in May Break a 14-Month String of Positive Performance as Stock and Credit Markets Tumble Amid Mounting Fears Over Eurozone Debt Woes Hedge fund strategies performance retreated in May as both equity and bond markets struggled amid the European debt crisis and its effect on the global recovery. The Lipper Hedge Fund Composite Index posted a loss of 2.97%, with all substrategies except Dedicated Short-Bias (+1.0%) finishing in the red for the month. Long-Bias (-4.65%) was the worst performing strategy, bettered somewhat by Multi-Strategies (-4.07%). Also, many trend-following managers experienced a bad month because of a trend reversal in commodities and on cross-market correlation infecting a number of asset classes. Stock markets sold off across the board, pressured by European debt woes; the MSCI World TR Index registered a loss of 9.48% for May. Concerns over European debt problems spilled over into U.S. markets; the S&P 500 TR Index declined 7.99% for the month. All ten sectors included in the index finished the month in the red, with energy (-11.81%) and industrials (-9.83%) suffering the most. Volatility as measured by the CBOE VIX spiked to a multi-month high above the 30-mark (increasing 45.44% from on April 30 to at the end of May). Style investing registered negative performance, with mid- and small-caps (-7.90%) outpacing largecaps (-7.99%) and growth (-7.63%) outperforming value (-8.22%) stocks. Developed markets (-10.12%) posted disappointing returns, with all regions ending the month in the red. Unsurprisingly, all 16 developed European stock markets edged lower, with Greece (-25.82%) and Ireland (-19.84%) dropping the most. The increasing uncertainty regarding Greece s fiscal position spilled over to emerging markets (-8.75%). All the BRIC countries registered negative returns for the month: Brazil (-10.89%), Russia (-12.32%), India (-8.16%), and China (-6.49%). Long-Bias (-4.65%) and Long/Short Equity (-3.70%) experienced a difficult month in May as both developed and emerging equity markets posted their worst monthly returns since February Most Long/Short Equity managers registered negative returns for the month, although those funds with lower net-long exposures fared better. The largest areas of loss were long energy and industrial shares, while short positions in all sectors generally performed well. Meanwhile, funds focusing on European companies had a negative month as European stocks plunged significantly. The benchmark Stoxx Europe TMI NR dropped 12.38% for May (-2.46% for April). May was a difficult month for Managed Futures (-3.44%). Trend-following managers had a dreadful month as a number of market trends reversed sharply and market correlations increased at the same time global market returns decreased. The Reuters/Jefferies CRB Index declined 8.25% month on month after jumping 1.60% the previous month. Gold (+2.77%) and natural gas (+8.14%) were the only two commodities posting gains for May. Mounting concerns over Europe s debt crisis pushed the price of gold to new record highs as investors flocked to gold as a safe-haven asset. Several speculators taking long positions in crude oil (-18.44%) and short positions in natural gas saw significant losses for May. Crude oil was the second biggest drag on the index after nickel, and natural gas was the best performing commodity for the month. Despite short euro/long U.S. dollar and short pound sterling/long U.S. dollar continuing to be the most profitable trades for most Macro and Managed Futures managers (the U.S. dollar appreciated 7.45% against the euro and 4.79% against the sterling for May), both trades were not sufficient to offset losses across portfolios. Event-Driven (-1.91%) posted a loss for May. Distressed-securities funds in particular had a bad month as high-yield bond markets registered negative returns, with spreads widening. Global high-yield bonds dropped 4.95%, and global fallen angel high-yield declined 6.49%. Both Europe and U.S. high-yield markets as measured by the Merrill Lynch High Yield TR Index posted losses, closing at 3.52% and 4.33%, respectively.
4 Lipper Global Classification Performance Averages % Growth % Growth % Growth % Growth % Growth Lipper Performance Snapshot Annualised Standard Deviation Maximum Drawdown 1M 30/04/2010 3M 26/02/2010 5M 31/12/2009 1Y 29/05/2009 3Y 31/05/2007 1Y 29/05/2009 1Y 29/05/2009 Lipper Global Classification - Extended To 31/05/2010 To 31/05/2010 To 31/05/2010 To 31/05/2010 To 31/05/2010 To 31/05/2010 To 31/05/2010 Lipper Hedge Fund Composite LGC Extended Hedge/Convertible Arbitrage LGC Extended Hedge/Credit Focus LGC Extended Hedge/Dedicated Short Bias LGC Extended Hedge/Emerging Markets LGC Extended Hedge/Equity Market Neutral LGC Extended Hedge/Event Driven LGC Extended Hedge/Fixed Income Arbitrage LGC Extended Hedge/Global Macro LGC Extended Hedge/Long Bias LGC Extended Hedge/Long/Short Equity LGC Extended Hedge/Managed Futures/CTAs LGC Extended Hedge/Multi Strategies LGC Extended Hedge/Options Arbitrage LGC Extended Hedge/Other Hedge Thomson Reuters All Rights Reserved. Lipper Performance Snapshot is based on Lipper Global Classification performance averages of hedge funds reporting into Lipper TASS, with 48% of assets reporting for. Lipper Performance Snapshot is for informational purposes only, and does not constitute investment advice or an offer to sell or the solicitation of an offer to buy any security of any entity in any jurisdiction. No guarantee is made that the information in this report is accurate or complete and no warranties are made with regard to the results to be obtained from its use. In addition, Lipper, a Thomson Reuters company, will not be liable for any loss or damage resulting from information obtained from Lipper or any of its affiliates. Page 3 electronic, mechanical, photocopying, or otherwise without the prior written approval of Lipper, a Thomson Reuters company.
5 Lipper Performance Snapshot Contact List: Lipper Hedge Fund Research Aureliano Gentilini ( ) Global Head of Hedge Fund Research Pennapa Tantiyakul ( ) Hedge Fund Research Analyst Page 4
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