In summary...
Hedge funds generated positive performance during Q1 2025, up 0.7%, outperforming equities, but underperforming bonds.
On an asset-weighted basis, quant is the top strategy for Q1, returning 2.4%, however equally weighted performance was much lower at 0.1%. There was broad dispersion in quant sub-strategy returns.
Equity l/s is the only strategy with negative returns, returning -1.7%.
The best performing strategies in 2024 (multi-strategy and equity l/s) were the weakest performing in Q1 2025.
Similarly, the weakest performing strategies in 2024 (arbitrage, quant and macro) were the strongest performing strategies in Q1 2025.
Industry AUM grew over the quarter with positive P&L offsetting net outflows.
