In summary...
The hedge fund industry* was up 3.4% in H1 23 with performance being heavily weighted to the start of Q1 and the end of Q2.
The best performing strategies of 2022 have underperformed significantly in H1 23 as strategies with higher beta to risk assets have led the performance.
Equity l/s and long biased were the top performers in H1, delivering 6.1% and 4.0 % respectively. These were the worst performing strategies in 2022.
Five-year performance for hedge funds now stands at a CAR of +4.7%, comfortably outperforming bonds** (-1.3%) but behind equities*** (+5.6%).
Dispersion between the top and bottom decile performing hedge funds has fallen significantly.
