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eVestment's Top Hedge Funds In February 2020

Our monthly peep into the activity on eVestment's platform shows a new face coming out on top in the most viewed products category in February. New York-based Moerus Capital Management's Global Value Fund Master led the pack, with Renaissance's Institutional Equities Fund second and perennial top 10 inhabitant Delta Strategy from AQR coming in third.

Most Viewed Alternatives Products February 2020
  Most Viewed Product's Firm Name Most Viewed Product
New Moerus Capital Management LLC Moerus Global Value Fund Master
  Renaissance Technologies LLC Renaissance Institutional Equities Fund (RIEF) LLC
  AQR Capital Management LLC DELTA Strategy
New Millennium Management Millennium Partners, L.P.
New Man Group Man Alternative Risk Premia Strategies SP
New Echo Street Capital Management Echo Street GoodCo Select Funds
New Verdad Advisers Verdad Leveraged Company Fund, LP
New Oak Hill Advisors OHA Diversified Credit Strategies Fund
New Capital Fund Management SA CFM Stratus Program
New FORT LP FORT Global Diversified

At the firm level, AQR moved up from second place last month to first this month, and January's winner at the firm level, Bridgewater, fell to fourth place. Man Group moved up from fourth to second, and Renaissance Technologies stayed in third.

Most Viewed Alternatives Firms February 2020
  Firm Name Firm's Most Viewed Product
  AQR Capital Management LLC DELTA Strategy
  Man Group Man Alternative Risk Premia Strategies SP
  Renaissance Technologies LLC Renaissance Institutional Equities Fund (RIEF) LLC
  Bridgewater Associates, LP Bridgewater All Weather 12% Fund, Ltd.
New Marshall Wace LLP Marshall Wace - MW Eureka Fund
New Verdad Advisers Verdad Leveraged Company Fund, LP
New Moerus Capital Management LLC Moerus Global Value Fund Master
  BlackRock Fixed Income GlobalAlpha Fund Ltd.
New Wellington Management Company LLP Commodities
New FORT LP FORT Global Diversified

Moerus Capital also took home the Gold medal in the rising products category, which itself has seen a slight calculation revamp - the leaderboard is now based on the largest increase in views compared to its 12 month moving average, not its 6 month moving average. Verdad Advisers Leveraged Company Fund came in second and RenTec's Institutional Equities Fund came in third.

Rising Alternatives Products February 2020 vs. Prior 12 Months
  Rising Product's Firm Name Rising Product
New Moerus Capital Management LLC Moerus Global Value Fund Master
New Verdad Advisers Verdad Leveraged Company Fund, LP
New Renaissance Technologies LLC Renaissance Institutional Equities Fund (RIEF) LLC
New Alcentra Alcentra Structured Credit Opportunity Fund II
New Man Group Man Alternative Risk Premia Strategies SP
New Capital Fund Management SA CFM Stratus Program
New Echo Street Capital Management Echo Street GoodCo Select Funds
New Millennium Management Millennium Partners, L.P.
New Verdad Advisers Verdad Japan Fund, LP
New Paloma Partners Management Company Paloma Partners L.L.C.

At the firm level, however, Verdad and Moerus swapped places, with RenTec still third.

Rising Alternatives Firms February 2020 vs. Prior 12 Months
  Firm Name Firm's Rising Product
New Verdad Advisers Verdad Leveraged Company Fund, LP
New Moerus Capital Management LLC Moerus Global Value Fund Master
New Paloma Partners Management Company Paloma Partners L.L.C.
New EnTrust Global Ltd. EnTrust Special Opportunities Fund II Ltd.
New CoreCommodity Management CoreCommodity Program - Diversified I
New FORT LP FORT Global Diversified
New Axonic Capital LLC Axonic Credit Opportunities Master Fund
New First Quadrant L.P. Tactical Currency Allocation - Long/Short
New Alcentra Alcentra Structured Credit Opportunity Fund II
New Parametric Portfolio Associates LLC Parametric Absolute Return VRP

Perhaps unsurprisingly, given the equity market tumult that began in February, Fundamental Equity Long/Short was again the most viewed strategy, but a new product, RTW Investments' RTW Flagship Fund was the most viewed product in the category this month. Quant macro moved up to second place from fourth in January, with Capital Fund Management's CFM Stratus Program being the most viewed product in that category.

Most Viewed Alternatives Universes February 2020
  eVestment Primary Universe Universe's Most Viewed Product
  Fundamental - Long/Short Equity RTW Investments LP: RTW Flagship Fund, Ltd.
  Macro - Quantitative Capital Fund Management SA: CFM Stratus Program
  Multi-Strategy Multi-Markets AQR Capital Management LLC: DELTA Strategy
New Relative Value - Market Neutral Equity Marshall Wace LLP: Marshall Wace - MW Eureka Fund
New Macro - Multi-Strategy Bridgewater Associates, LP: Bridgewater Pure Alpha Major Markets
New Alternative Risk Premia Man Group: Man Alternative Risk Premia Strategies SP
  Fund of Funds - Multi-Strategy BlackRock: BlackRock Appreciation Strategy Fund, Ltd.
New Fundamental - Long Only Equity Moerus Capital Management LLC: Moerus Global Value Fund Master
  Multi-Strategy Equity Renaissance Technologies LLC: Renaissance Institutional Equities Fund (RIEF) LLC
  Macro - Discretionary Millennium Global Investments Limited: Millennium Active Currency Overlay

Stay tuned for March's report in a couple of weeks. It'll be interesting to see whether the investors and consultants who subscribe to eVestment's platform are changing their behaviour and looking at other strategies to help them navigate the current market chaos.

 

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