Performance

Indices shape up well in 2009's bull market scenario

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It is particularly warming when a hedge fund strategy outperforms a major market benchmark in a bull market scenario, which 2009 was for its latter nine months. We know that hedge funds are technically supposed to outperform pretty much anytime, and they tend to do so over the full range of the economic cycle, but it is in downmarkets, rather than upmarkets, where that outperformance more usually shows itself most clearly.

It is particularly good therefore, to see Asia including Japan outperforming the MSCI Pacific Free index in 2009. The median put on 28.5% for the year compared