Highlights and Key Points – 1H 2009:
*With returns of 7.2% through June 30th, hedge funds, as represented by the Credit Suisse/Tremont Hedge Fund Index (the ‘Broad Index’), have posted positive returns for five out of the first six months in 2009
*Hedge funds have outperformed both equity and bond indices through the first half of the year while maintaining lower levels of volatility
*Convertible Arbitrage, Emerging Markets, and Global Macro are specific sectors which received increased attention as investors regained their appetite for risk and global markets rallied
*Performance has improved across most sectors, with the bulk of returns for many strategies falling in positive territory for the year, and 80% of all funds ending the second quarter in positive territory
*Assets under management have dropped approximately $18 billion since the first quarter of 2009; we estimate industry assets totaled $1.3 trillion as of June 30. This is down from $1.5 trillion at the end of 2008
*As of June 30, an estimated 9.6% of funds were classified as impaired, meaning they have either suspended redemptions, imposed gate provisions or sidepocketed assets. This is down from an estimated 11.6% at the end of 2008
*Calls for government regulation, increased requests for transparency and the rise of secondary markets are three trends currently developing in the hedge fund space
*Six months after their worst drawdown on record, hedge funds appear to be demonstrating better performance than in previous recovery periods, such as the Asian Currency Crisis and the Tech Bubble Burst events. Historically, it has taken hedge funds 13 months to recover from these market disruptions
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