25 November 2024, Global Investment Report

For the past two years, there’s been the market and then there’s been everything else. And the Republican election sweep likely ensures that the show will continue well into 2025. The Top 50 are on pace to match its historical low-double-digit annualized gains. Through 3Q, they returned 9.2%. Credit, fixed-income, and equity managers generated 10% gains. But emerging market funds continue to lead the pack, returning 13.3% in dollar terms. And one EM manager–Sandglass Capital–returned more than 24%–the only fund that outpaced the S&P 500.

This update concludes by taking a clear-eyed look at what the change in US political leadership means, what it ignores, and its potential impacts on the economy, markets, and hedge fund performance. The report also takes a deep dive into why one of the most consistently-performing funds suddenly failed.

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