PivotalPath has released their monthly report, the Pivotal Point Of View, which measures performance among more than 2,400 institutionally-relevant hedge funds, as well as 40+ different hedge fund strategies and $2.5T in total industry assets. What were some of the big takeaways this one? For one, the PivotalPath Composite Index gained 0.1% in September – against a backdrop of widely declining markets where the S&P 500 dropped 4.6%. The Composite outperformance of 4.7% vs. the S&P 500 ranks in the top 10% of monthly relative performance since January 1998.
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Highlights
- September performance across the board was almost a mirror image of August with almost everything falling. Most major equity markets experienced losses except for Shanghai and Japan.
- As described above, hedge funds outperformed significantly. Part of this may be explained by hedge funds’ general bias toward value which significantly outperformed growth in September, as well as a further shift toward value during the month.
- The PivotalPath Social Distance Losers s had their revenge, returning 3.6% vs. a loss of 3.1% for Social Distance Winners, increasing its lead YTD to 13.6% (19.6% vs. 6%).