Macro systematic funds, which place their bets based on algorithmic and technical models, fell 6.7% in March, its worst monthly performance in over five years, Bank of America (BofA) said in a note. Trend-following funds, also known as CTAs, lost 2.5% in March.
Many hedge funds are still compiling March and first quarter numbers, but preliminary reports from research firm Hedge Fund Research showed the average hedge fund was off 1% last month and ended the quarter flat.
Some types of funds posted positive numbers.
Tiger Global, which was battered by last year’s reversal in tech stocks, posted at 5.2% gain in March, leaving it up 7.3% in the quarter when large technology companies saw gains.
Relative value arbitrage portfolio managers, who buy and sell different types of securities to benefit from their relative value, gained 1.1%, while fundamental value and equity hedge funds gained 0.9% and 0.8% respectively, BofA said.
London-based hedge…
Read More
