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The top performers after another unpredictable year are beginning to take shape as the countdown starts for the EuroHedge Awards in London on Thursday 24 January
AWARD WINNERS 2001-2011
No. of awards 11 9 7 6 5 4 3 2 Company GLG BlueCrest, Gartmore Brummer CQS, Sloane Robinson BlackRock, Brevan Howard, Capital Fund Management, IKOS, Lansdowne, Vega Cheyne, Marshall Wace, RAB, Trafalgar Asset Managers GSA, Henderson, Horseman, The Childrens Investment Fund BGI, Boussard & Gavaudan, Chenavari, Duet, Ennismore, Endeavour, GLC, Jabre, JP Morgan, KBC, Millennium Global, Morley/Aviva, Parvus, Pelagus, Peloton, Perry, Pharo, Polygon, Rubicon, Threadneedle, Tosca, TT 36 South, Algebris, Altima, Antares, Armajaro, Asgard, Auriel, Bailey Coates, BlueGold, BTG Pactual, Cazenove, Concordia, Cumulus, Dalton Strategic, Deephaven, Duet, Eikos, F&C, Finisterre, Focus, Fortelus, Fortis, Global Advisors, GO Capital, Granada, Hermitage, Insight, Jacobson, Julius Baer, Krom River, Lazard, Lionhart, London Diversified, Maple Leaf, Marwyn, MKM Longboat, Moore, MPC, New Amsterdam, Newman Ragazzi, NewSmith, North, North of South, Numen, Oddo, Odey, Pelham, Pivot, Polar, Powe, Prologue, Radar, Sabre, Securis, SGAM, Sofaer, Spinnaker, TradeWind, UFG, Urwick, VR, Wadhwani, Winton, York, Zebedee
is set at $30 million. This award is designed to recognise those funds that are below the $100 million threshold and which do not quality as new funds, but whose performances would have earned them nominations in their respective categories if they had met the minimum size requirement. For New Funds which considers all those funds with performance inception dates during the 12-month period between July
2011 and June 2012 there is also again a minimum asset level of $30 million. Because of the time period criteria, some new funds that launched in the second half of 2011 may be candidates for a New Fund award as well as in their relevant strategy group while those funds that started trading from July 2012 onwards will only be considered for awards in 2013. This year, there are some small
changes to the main categories. We have decided to group together specialist equity strategies (including funds that focus on specific sectors and countries or on smallcap stocks) for one award, and specialist fixed-income and credit strategies (again for those that focus on specific markets, such as Danish mortgage bonds, or on market segments such as ABS, real estate or financials) for another. And we have decided to separate out emerging market equity funds from other funds that focus on emerging market debt or with a broader macro or multistrategy approach. Last year, given a paucity of contenders in 2011, we had to group together the convertibles and volatility funds with those in the event driven sector. This time, given stronger returns from a number of funds in those areas, we have been able to divide those peer groups back into two separate categories with the event-driven side augmented by some strong performers from the distressed investing space. For all of the individual strategy categories, we aim to stick with the
same triedstrategies and-tested and for methodolfunds in ogy as in macro, previous fixed inyears come and with nomirelative nations value stratbeing idenegies tified from judged on among the Paul Marshall (right) of Marshall Wace receives performfunds with the Management Firm of the Year award for 2011 ance over the strongthe last five est Sharpe ratios among their peer years, relative to their peer groups, groups (so long as they also beat for funds with at least $500 milthe median performance in that lion of assets. peer group); and the winners beFinally, there are the awards ing those with the highest returns for Management Firm of the Year (so long as they are within 25% of (based on a quantitative scoring the top Sharpe). system that ranks absolute and relWe also continue to apply the ative performance across a firms refinement that we have used range of funds) and for the overall since the steep downturn of 2008 Fund of the Year. that stipulates that, in order to For Fund of the Year, as is trawin a nomination, a fund must be ditional, this takes into account within 10% of its high-water mark not only those funds that win so that funds are not rewarded the various individual categomerely for recent good perform- ries, but also any others with exance if they have not also substan- ceptional returns and the contially recouped any earlier losses. tenders will not be announced This year, we will again feature until the evening itself, not least two categories for Long-Term Per- to avoid pre-judging the winners formance for funds in equity in other categories.
Again we stress that these provisional lists reflect early contenders in the various categories and only include at this stage those funds that look likely to feature on the eventual shortlists for the various awards when they are finalised. A fuller list of updated nominations will be announced in midDecember once the returns for November are in which will also include nominations for new funds, and the final list of nominees will be confirmed as early as possible in January. With two more months of performance to count, there is still plenty to play for with most of the award categories still wide open and, in light of the continued unpredictability in markets, much could yet change between now and the end of the year. Demand for tables is expected to be high. If you would like further information on the awards or to book a table, please contact Ian Sanderson on +44 (0) 207 779 7354, email isandserson@hedgefundintelligence. com or Russell Bradley-Cook on +44 (0) 207 779 7342, email rbcook@ hedgefundintelligence.com
EuroHedge
November/December 2012