Marshall Wace and Brevan Howard led the line-up of winners at the annual EuroHedge Awards last night – which were announced and presented at a gala dinner held at London's Grosvenor House that was attended by some 900 leading figures in the hedge fund industry.
Brevan Howard took the Fund of the Year award with its flagship $25 billion global macro strategy, marking the second time in four years that Europe's biggest hedge fund has won the overall fund of the year award after also landing the trophy for its performance in 2008.
Long-running $5 billion hedge fund pioneer Marshall Wace won the coveted Management Firm of the Year award for the first time with an impressive performance across its entire range of long/short funds in a very tough year for all equity strategies – while the firm's MW Global Opportunities fund took the Global Equity award with a stunning 2011 return of 27%.
Paris-based Capital Fund Management was also a double winner on the night – winning the Managed Futures award by a margin with its long-running Discus Managed Futures flagship strategy and also carrying off the Multi-Strategy trophy with the firm's CFM Stratus vehicle.
Another notable winner was GSA Capital International – which landed the Equity Market Neutral & Quantitative Strategies award for the third year running with a strikingly consistent performance in 2011's turbulent market conditions that produced a stellar Sharpe ratio of 6.5.
CQS ABS and BlackRock UK Emerging Companies were the winners of the two Long Term Performance awards – which are based on the best risk-adjusted returns over five years by hedge funds with at least $500 million in assets, for equity-based strategies and also for strategies in the relative value, macro and futures sectors.
The EuroHedge Awards for 2011, now in their 11th year, paid recognition to those funds that had achieved the best risk-adjusted performance across a range of strategy areas in an exceptionally difficult and challenging year for investing where markets were dominated by politically-driven macro events and a constantly changing risk-on/risk-off sentiment.
Aside from MW Global Opportunities in Global Equity, the other equity winners this year included Cazenove UK Equity in UK Equity and former victor Ennismore European Smaller Companies in Small-Cap Equity – while Dutch-based TradeWind Equity won the award for European Equity Fund under $500m and Dalton Strategic Partnership's Melchior European fund took the award for European Equity Fund over $500m.
Other first-time winners this year included Prologue in Global Fixed-Income – winning an exceptionally tight race between five funds in the sector – as well as Max Q in Macro (another close race) and Finisterre Sovereign Debt in Emerging Markets.
First-time winner Polygon Convertible Opportunity in Convertibles, Volatility & Event-Driven represented a second victory at the EuroHedge Awards for manager Mike Humphries – who had previously won with MKM Longboat – while Duet Commodities' success in Commodities & Currency marked a second EuroHedge award for Duet Asset Management.
Chenavari Toro Capital, the winner of the previous year's Smaller Manager award, returned in triumph to take the Credit & Distressed award this year – while Cumulus Energy won the Smaller & Emerging Manager award for 2011 with a return on the year of almost 100%.
Nordic-focused fixed income specialist Asgard Fixed Income was the winner in the Specialist Strategies award, while the New Fund of the Year awards went to Paris-based Oddo Asset Management's Orsay Merger Arbitrage event-driven fund in equity-based strategies and 36 South's Kohinoor Core macro/volatility strategy in relative value, macro and futures.
The complete list of winners in the 22 EuroHedge Award categories for 2011 was as follows:
MW Global Opportunities
EUROPEAN EQUITY (under $500m)
EUROPEAN EQUITY (over $500m)
Cazenove UK Equity
Ennismore European Smaller Companies
EQUITY MARKET NEUTRAL & QUANT STRATEGIES
GSA Capital International
CONVERTIBLES, VOLATILITY & EVENT-DRIVEN
Polygon Convertible Opportunity
GLOBAL FIXED INCOME
CREDIT & DISTRESSED
Chenavari Toro Capital 1
COMMODITIES & CURRENCY
MANAGED FUTURES & CURRENCY
Discus Managed Futures
Finisterre Sovereign Debt
Asgard Fixed Income
SMALLER & EMERGING MANAGER FUND
NEW FUND OF THE YEAR - RELATIVE VALUE, MACRO & FUTURES
NEW FUND OF THE YEAR - EQUITY STRATEGIES
Orsay Merger Arbitrage
LONG TERM PERFORMANCE (5yrs) – RELATIVE VALUE, MACRO & FUTURES
LONG TERM PERFORMANCE (5yrs) – EQUITY STRATEGIES
BlackRock UK Emerging Companies
MANAGEMENT FIRM OF THE YEAR
FUND OF THE YEAR