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eVestment's Top Hedge Funds In December 2020

AQR Capital Management's Global Style Premia Long Only Equity fund was the most viewed hedge fund on Nasdaq-subsidiary eVestment's platform in December, beating out 1060 Capital Management's 1060 Capital Opportunity Fund, which took the top spot in October and November, into second place. Renaissance Technologies' Renaissance Institutional Equities Fund came in third.

Global: Most Viewed Alts/HF Products December 2020
  Most Viewed Product's Firm Name Most Viewed Product
New AQR Capital Management LLC  Global Style Premia Long Only Equity
  1060 Capital Management  1060 Capital Opportunity Fund, LP
New Renaissance Technologies LLC  Renaissance Institutional Equities Fund (RIEF) LLC
New Wellington Management Company LLP  Commodities
  Verition Fund Management  Verition Multi-Strategy Fund Composite
New Record Currency Management Ltd  Dynamic Hedging US
New Evanston Capital Management, LLC  The Weatherlow Fund I L.P. ("Weatherlow")
New AQR Capital Management LLC  US Equity Style Premia Beta 1
New Marshall Wace LLP  Marshall Wace - MW Eureka Fund
New York Capital Management (US) Advisors, L.P.  York Investment Ltd

At the regional level, Global Style Premia Long Only Equity was the most viewed product in Asia ex-Japan, Capital Fund Management's CFM Stratus Program was the most viewed in Europe ex-UK, Old Orchard Capital Management's Old Orchard Credit Master Fund was clicked on the most by Japan-based eVestment subscribers, QMA Wadhwani's Keynes Systematic Absolute Return product took the most eyeballs in the U.K. and Wellington Management's Commodities product was most viewed in the United States (also coming a close fourth in the overall most viewed list last month).

At the firm level, AQR was most viewed with Wellington Management second, its rise up the leaderboard propelled by its Commodities product. RenTec was third.

Global: Most Viewed Alts/HF Firms December 2020
  Firm Name Firm's Most Viewed Product
  AQR Capital Management LLC Global Style Premia Long Only Equity
New Wellington Management Company LLP Commodities
New Renaissance Technologies LLC Renaissance Institutional Equities Fund (RIEF) LLC
  PIMCO PIMCO Tactical Opportunities Fund
  Bridgewater Associates, LP Bridgewater Pure Alpha Major Markets
  1060 Capital Management 1060 Capital Opportunity Fund, LP
New Record Currency Management Ltd Dynamic Hedging US
New Capital Fund Management SA Tie: CFM Stratus Program and CFM Discus Program
New IFM Investors Pty Ltd IFM Global Infrastructure (US), L.P.
New BlackRock Global Renewable Power III

Regionally, the investment manager of each of the products which took top spot at the product level also saw the most activity at the firm level, with the exception of Japan, where IFM Investors had the most views on aggregate.

AQR's Global Style Premia Long Only Equity was also the biggest riser - the number of views in the month vs. the prior 12 month rolling average - and Wellington Management's Commodity product was second. Record Currency Management's Dynamic Hedging US product was third.

Global: Rising Alts/HF Products December 2020 vs. Prior 12 Months
  Rising Product's Firm Name Rising Product
New AQR Capital Management LLC  Global Style Premia Long Only Equity
New Wellington Management Company LLP  Commodities
New Record Currency Management Ltd  Dynamic Hedging US
New Renaissance Technologies LLC  Renaissance Institutional Equities Fund (RIEF) LLC
New AQR Capital Management LLC  US Equity Style Premia Beta 1
  1060 Capital Management  1060 Capital Opportunity Fund, LP
  Verition Fund Management  Verition Multi-Strategy Fund Composite
New York Capital Management (US) Advisors, L.P.  York Investment Ltd
New e360 Power, LLC  e360 Power Flagship
New Paloma Partners Management Company  Paloma Partners L.L.C.

Perhaps an indication of how investors expect to adjust their portfolios in 2021, Macro provided all three of the top rising strategies - Wellington's Commodities at the discretionary level, Record Currency Management's Dynamic Hedging US at the quantitative level and JP Morgan Investment Management's JPM Global Macro Opportunities product at the multi-strat level.

Global: Rising Alts/HF Universes December 2020 vs. Prior 12 Months
  Rising eVestment Primary Universe Universe's Rising Product
  Macro - Discretionary Wellington Management Company LLP: Commodities
  Macro - Quantitative Record Currency Management Ltd: Dynamic Hedging US
  Macro - Multi-Strategy J.P. Morgan Investment Management Inc.: JPM Global Macro Opportunities
  Alternative Risk Premia AQR Capital Management LLC: Global Style Premia Long Only Equity
New Event Driven - Multi-Strategy York Capital Management (US) Advisors, L.P.: York Investment Ltd
New Managed Futures - Quantitative Capital Fund Management SA: CFM Discus Program
New Origination & Financing BlackRock: Global Renewable Power III
  Fundamental - Long Only Equity SRS Investment Management, LLC: SRS Long Opportunities Master Fund LP
New Event Driven - Activist P2 Capital Partners, LLC: P2 Capital Fund, LP
New Fund of Funds - Event Driven Corbin Capital Partners, L.P.: Corbin ERISA Opportunity Fund

Time will tell if this increased interest in macro funds turns into positive net asset flows. eVestment's data at the end of November last year shows -$18.5bn of outflows from macro hedge funds overall in 2020.


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