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Biggest hedge funds will keep lion's share of customers in 2023, data shows

Friday, January 6, 2023
Biggest hedge funds will keep lion's share of customers in 2023, data shows © Reuters. FILE PHOTO: The Fearless Girl statue is pictured outside the New York Stock Exchange in the financial district during the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., September 9, 2020. Picture taken S

By Nell Mackenzie

(Reuters) - The top 5% of the world's hedge fund managers are set to take 80-90% of investor inflows in 2023, according to new research from Agecroft Partners which raises money for hedge funds.

The data highlights the dominance of a small group that has squeezed the total pool of hedge funds to its smallest since 2009.

Don Steinbrugge, founder and chief executive at Agecroft Partners, said in the note that the more than 2,000 global institutional investors his firm has been in dialogue with may have got it wrong for 2023 in sticking with big hedge funds, even though it was the larger firms that outperformed last year.

The larger a hedge fund manager gets, the harder it is to trade in size and profit from less efficiently priced parts of the market.

Michael Oliver Weinberg, who previously worked at the Dutch pension fund APG and now is teaching at Columbia Business School, agreed.

“As some of these managers have grown immensely, it will be more difficult for them to generate the same level of returns they have historically."

"Many of them benefited from smaller size and ability to invest in more capacity constrained trades and markets, that they now may be too big to invest in,” he said.

Data compiled by Hedge Fund Research shows that on average hedge funds were down 4.1% last year through November.

The $100 billion investment manager AQR had multiple funds which ended 2022 with performance numbers over 30%, including its Managed Futures HV Fund, at 50%. The $60 billion D.E. Shaw's biggest hedge fund ended 2022 up 24.7%.

The $138 billion U.K. headquartered Man Group reported on its website, as of the end of November 2022 a 13.1% performance on its AHL Diversified programme.

The $59 billion hedge fund manager Millennium returned 9.8% in its International Ltd Fund for the year, said industry research.

Smaller managers were squeezed by expenses and lacklustre revenues last year, said Steinbrugge. The number of operating hedge funds fell to 9,163 at the end of the third quarter, the lowest number since 2009, according to HFR.

"As a result, we expect the closure rate to continue to rise for small and mid-sized hedge funds," said Steinbrugge.

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 EUR/USD1.0837↑ Sell
 GBP/USD1.2655Sell
 USD/JPY150.04↑ Sell
 AUD/USD0.6525↑ Sell
 USD/CAD1.3556↑ Sell
 EUR/JPY162.73↑ Buy
 EUR/CHF0.9577↑ Buy
 Gold2,091.60↑ Sell
 Silver23.345↑ Sell
 Copper3.8585↑ Sell
 Crude Oil WTI79.81Buy
 Brent Oil83.46↑ Buy
 Natural Gas1.836↑ Buy
 US Coffee C184.13Neutral
 Euro Stoxx 504,894.05Buy
 S&P 5005,137.08↑ Buy
 DAX17,735.00↑ Sell
 FTSE 1007,682.50↑ Sell
 Hang Seng16,589.44↑ Buy
 Small Cap 20002,076.39↑ Buy
 IBEX 3510,064.70↑ Buy
 BASF47.985↑ Sell
 Bayer28.33↑ Sell
 Allianz251.80Buy
 Adidas187.00↑ Buy
 Lufthansa7.191Sell
 Siemens AG181.28Sell
 Deutsche Bank AG12.566Neutral
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