As the S&P 500 passed the benchmark of being the longest bull market in history, running past the 3,453-day mark last Wednesday, there is, once again, a notable performance laggard: hedge funds. With the stock market benchmark up near 300% since bottoming in March 2009, the bull market hedge funds love to second guess just grew stronger. And hedge funds, judging by the latest leverage statistics in a Goldman Sachs report, keep on doubting the bull, hedging their bets and underperforming. With the HFRI Asset Weighted hedge fund index up just 1.40% year to date – and by Goldman’s measure…
As Bull Market Is Longest In History, Hedge Funds & Leverage Lag
Mark Melin
Mark Melin is an alternative investment practitioner whose specialty is recognizing the impact of beta market environment on a technical trading strategy. A portfolio and industry consultant, wrote or edited three books including High Performance Managed Futures (Wiley 2010) and The Chicago Board of Trade’s Handbook of Futures and Options (McGraw-Hill 2008) and taught a course at Northwestern University's executive education program.