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eVestment's Top Hedge Funds In April 2020

Our monthly peek into the viewership activity by the institutional investor and advisor subscribers to the platform shows that Graham Capital's Quant Macro Portfolio was the most viewed hedge fund last month, the first time that it has topped the list and the first time it has appeared in the top three since September 2019. Perennial top ten inhabitant AQR DELTA Strategy was second and 1060 Capital Management's 1060 Capital Opportunity Fund was third.

Global: Most Viewed Alternatives Products April 2020
  Most Viewed Product's Firm Name Most Viewed Product
  Graham Capital Management L.P  Graham Quant Macro Portfolio
  AQR Capital Management LLC  DELTA Strategy
New 1060 Capital Management  1060 Capital Opportunity Fund, LP
New 400 Capital Management LLC  400 Capital Credit Opportunities Fund
New Verition Fund Management  Verition Multi-Strategy Fund Composite
New Bridgewater Associates, LP  Bridgewater Pure Alpha Major Markets
  Renaissance Technologies LLC  Renaissance Institutional Equities Fund (RIEF) LLC
New Putnam Investments  Putnam Multi-Asset Absolute Return Fund
  Autonomy Capital  Autonomy Master Fund Limited
New Man Group  Man Alternative Risk Premia Strategies SP

At the regional level, Graham Quant Macro was the most viewed product by Japan-based investors and advisors; AQR DELTA was the most viewed by U.S.-based investors and advisors; and Sirios Capital Management's Sirios Capital Partners II was the most viewed by U.K.-based investors and advisors. Other regional winners included CQS's ABS Fund, Bridgewater's Pure ALpha Major Markets Fund, and AIS Capital Management's Gold Strategy.

Regional: Most Viewed Alternatives Products April 2020
Investor/Consultant Location Most Viewed Products by Region
Africa/Middle East CQS: CQS ABS Fund
Asia ex-Japan AIS Capital Management, L.P.: Gold Strategy
Europe ex-UK Bridgewater Associates, LP: Bridgewater Pure Alpha Major Markets
Japan Graham Capital Management L.P: Graham Quant Macro Portfolio
United Kingdom Sirios Capital Management L.P.: Sirios Capital Partners II, L.P.
United States AQR Capital Management LLC: DELTA Strategy

At the firm level, Bridgewater Associates came in first, Graham Capital Management came second - no doubt boosted by its Quant Macro program topping all products globally - and Man Group's Alternative Risk Premia Strategies came third.

Global: Most Viewed Alternatives Firms April 2020
  Firm Name Firm's Most Viewed Product
  Bridgewater Associates, LP Bridgewater Pure Alpha Major Markets
New Graham Capital Management L.P Graham Quant Macro Portfolio
  Man Group Man Alternative Risk Premia Strategies SP
  AQR Capital Management LLC DELTA Strategy
New PIMCO PIMCO Tactical Opportunities Fund
  Renaissance Technologies LLC Renaissance Institutional Equities Fund (RIEF) LLC
New P/E Investments FX Strategy Standard
New Waterfall Asset Management, LLC Waterfall Victoria ERISA Fund, Ltd.
New Sculptor Capital Management, Inc. Sculptor Credit Opportunities Master Fund, Ltd.
  BlackRock Fixed Income GlobalAlpha Fund Ltd.

Bridgewater also dominated the regional categories at the firm level.

Regional: Most Viewed Alternatives Firms April 2020
Investor/Consultant Location Most Viewed Firms by Region
Africa/Middle East Bridgewater Associates, LP
Asia ex-Japan Leadenhall Capital Partners LLP
Europe ex-UK Bridgewater Associates, LP
Japan Bridgewater Associates, LP
United Kingdom Graham Capital Management L.P
United States AQR Capital Management LLC

Rising products - those with the biggest percentage gain versus the products' rolling 12 months average - was won by Graham Quant Macro, with Verition Fund Management's Multi-Strategy Fund Composite coming second and Putnam Investment's Multi-Asset Absolute Return Fund coming third.

Global: Rising Alternatives Products April 2020 vs. Prior 12 Months
  Rising Product's Firm Name Rising Product
New Graham Capital Management L.P  Graham Quant Macro Portfolio
New Verition Fund Management  Verition Multi-Strategy Fund Composite
New Putnam Investments  Putnam Multi-Asset Absolute Return Fund
New Waterfall Asset Management, LLC  Waterfall Victoria ERISA Fund, Ltd.
New Bridgewater Associates, LP  Bridgewater Pure Alpha Major Markets
New Sculptor Capital Management, Inc.  Sculptor Credit Opportunities Master Fund, Ltd.
New 400 Capital Management LLC  400 Capital Credit Opportunities Fund
New Mariner Investment Group, LLC  Mariner Atlantic, Ltd.
New CoreCommodity Management  CoreCommodity Program - Founders I
New Massar Capital Management, LP  Massar Macro Commodity Strategy

At the firm level, Bridgewater was the biggest riser, with Graham Capital Management second and PIMCO third.

Global: Rising Alternatives Universes April 2020 vs. Prior 12 Months
  eVestment Primary Universe Universe's Rising Product
  Macro - Multi-Strategy Bridgewater Associates, LP: Bridgewater Pure Alpha Major Markets
New Fundamental - Long/Short Credit Elementum Advisors, LLC: Elementum NatCat Master Fund Ltd.
  Multi-Strategy Multi-Markets Verition Fund Management: Verition Multi-Strategy Fund Composite
  Macro - Discretionary Massar Capital Management, LP: Massar Macro Commodity Strategy
  Multi-Strategy Credit Sculptor Capital Management, Inc.: Sculptor Credit Opportunities Master Fund, Ltd.
  Event Driven - Multi-Strategy Pentwater Capital Management: Pentwater Event Fund Ltd.
New Relative Value - Multi-Market Arbitrage JD Capital Management LLC: Tempo Volatility Master Fund
  Macro - Quantitative Graham Capital Management L.P: Graham Quant Macro Portfolio
New Event Driven - Distressed Waterfall Asset Management, LLC: Waterfall Victoria ERISA Fund, Ltd.
New Fundamental - Long Only Credit Angelo, Gordon & Co.: AG Real Estate Debt Investment Fund

eVestment subscribers continue to look closely at fundamental equity long/short hedge funds, with that strategy the most viewed last month, closely followed by multi-strat multi-markets and fundamental long/short credit.

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