The Eurekahedge Hedge Fund Index added 0.31% in October, pushing the average hedge fund’s year-to-date return to 6.27%.
About 30.1% of hedge fund managers in the index recorded double-digit gains in the first ten months of this year.
However, the global hedge fund industry’s assets under management have been declining to US$2,272.8 billion as of October 2019. On a year-to-date basis, the industry has seen US$107.5 billion of performance growth and US$126.9 billion of investor redemptions over the first 10 months of 2019, data provider Eurekahedge reported.
Returns were positive across regions, with managers focusing on Asia, excluding Japan, returning 2.36% in October. Funds invested in Asia ex-Japan were up 9.74% for the first 10 months of the year, outperforming their North American funds, which returned 6.26% over the same period.
During that time the S&P 500 gained 21.17%, while the tech-heavy NASDAQ Composite was up 24.97%.
The Eurekahedge Greater China Hedge Fund Index rallied 3.70% in October benefitting from the progress in US-China trade negotiations, pushing its year-to-date return to 11.82%.
Macro and long/short equities managers showed the highest returns of 7.50% and 7.27% respectively this year, followed by fixed income and multi-strategy mandates. Relative value and distressed debt managers trailed their peers over the first 10 months of the year.
The Eurekahedge Crypto-Currency Hedge Fund Index, in turn, was up 8.84% in October as the price of Bitcoin jumped 14.09% during the month. Crypto hedge fund managers have returned 37.62% in 2019 so far.