Hedge funds extended performance gains in May for the eighth consecutive month as investor optimism accelerated regarding the US economic reopening and despite signs of building inflationary pressures in the US and Europe.
Emerging Markets (EM) hedge funds, led by funds investing in China, India and the Middle East extended their 2020 surge into 2021 as EM hedge fund capital reached a new record, with performance driven by gains in EM regional equity markets and surging cryptocurrencies.
In the week ending May 14th 2021, eVestment published April 2021 hedge fund performance data that revealed hedge fund performance was broadly positive in April, with 85% of funds reporting to eVestment seeing positive performance figures and the industry as a whole posting a return of +2.61% for the month. Year to date (YTD) average performance for the industry stands at +7.61%, which is a fairly good relative return when looking across global equity and fixed income markets, according to eVestment Global Head of Research Peter Laurelli.
According to data released by HFR too, hedge funds advanced in April for the seventh consecutive month on strong corporate earnings and investor optimism regarding the US economic reopening, extending gains from both 1Q21 and FY20. The HFRI Fund Weighted Composite Index (FWC) gained +2.7 percent in April, while the investable HFRI 500 Fund Weighted Composite Index advanced +2.3 percent.
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Millennium Management will open two more offices in Florida as its staff joins a growing southward migration. The $50 billion hedge fund firm will have outposts in Miami and West Palm Beach, according to a person familiar with the matter. The move is mostly driven by its portfolio managers’ preference for the state, which doesn’t tax income, estates or capital gains. Meanwhile, top earners in New York City face among the highest state and local taxes in the U.S.
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