25 June 2024, Global Investment Report

The 21st annual edition of my global hedge fund survey tracks the most consistent performing funds over one of this century’s most volatile 5-year periods through December 2023.

In addition to providing a wide range of historic return, risk, and correlation metrics for each fund, the report features an interview of Maziar Minovi, CEO of the Eurasia Group, along with four in-depth manager profiles, including veteran distressed investor Jason Mudrick.

A booming tech-driven market did outpace the Top 50 Hedge Funds by about 2 percentage points annually over that time: 15.7% vs 13.7%. But the 50 generated far superior risk-adjusted returns (1.43), nearly doubling the market’s Sharpe ratio (0.75) and tripling that of the average hedge fund (0.53).

Equity, macro, and multistrategy funds, representing more than half the Top 50, delivered the strongest returns.

Emerging market funds were the big surprise. Six made the list with 5-year annualized returns averaging 12.5%. And with 2018’s 5% hurdle rate no longer holding back inclusion of funds that stumbled that year, a half-dozen big name managers finally made the cut.

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