PivotalPath has released their latest monthly report, the Pivotal Point Of View, which measures performance among more than 2,600 institutionally-relevant hedge funds, as well as 40+ different hedge fund strategies and $2.5T in total industry assets.
The big theme for March? Banking failures, concerns about financial contagion risks, and historic shifts in interest rates brought the Composite down, yet losses remained muted during an otherwise volatile time.
Q1 2023 hedge fund letters, conferences and more
Below are a few quick highlights.
- The PivotalPath Composite Index declined 0.8% in March amid a mixed month for markets – The S&P 500 Index rose 3.7% and the Nasdaq and Russell 2000 had mixed performance: +6.7% and -5.0%, respectively.
- The largest losses were primarily in Managed Futures and Global Macro – which led the Composite lower in March. March losses of 4.6% in Managed Futures and 3.0% in Global Macro was enough to offset earlier gains, dragging year-to-date performance into negative territory.
- PivotalPath’s proprietary Dispersion Indicator rose once again after falling in February – it remains elevated relative to its historic average, with March’s dispersion ranking in the 77th percentile of months dating back to January of 2008.
