29 June 2023, BarclayHedge

This is the 20th anniversary edition of my global hedge fund survey. During this time, we’ve seen seismic events affecting economies, markets, and politics. And while 2023 isn’t colored by the outbreak of a pandemic, a new war, or national elections, many investors are still weighed down by uncertainty about what rising interest rates, recession, and war could bring—in spite of the first half market rally.

Last year’s performance of the Top 50 funds proved their value, having outperformed the S&P 500 by nearly 24 percentage points. More than two thirds from that select list qualified for this year’s group, affirming their consistent performance; and 44 of this year’s funds made money in 2022. This helped the Top 50 collectively outpace the market over the trailing five years through 2022 by more than three full percentage points. They did so with considerably less risk than the S&P 500 and a market correlation of just 0.18. And the Top 50 has sustained this strong performance for more than a decade.

This year’s survey includes commentary and outlooks from leading global allocators, economists, four exceptional fund managers. and former US ambassador to Russia Michael McFaul. He shared his thoughts on what it would mean to lose Ukraine and why that can’t happen.

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