preqin special report: top performing hedge funds in … · 2020. 8. 4. · 2 preqin ltd. 2018...

Click here to load reader

Post on 20-Aug-2020

8 views

Category:

Documents

0 download

Embed Size (px)

TRANSCRIPT

  • PREQIN SPECIAL REPORT:TOP PERFORMING HEDGE FUNDS IN 2017

  • © Preqin Ltd. 2018 / www.preqin.com2

    PREQIN SPECIAL REPORT: TOP PERFORMING HEDGE FUNDS IN 2017

    FOREWORD

    This Preqin Special Report takes a closer look at those funds that have reached the top of the performance ranks in 2017. Using data taken from Preqin’s online platform, we examine the top performing hedge funds over a one- and three-year basis, as well as those funds that have been performing consistently well over the past three and five years.

    METHODOLOGYTop Performing Funds:The top performing funds presented in this report are based on a ranking by net returns over the periods 2017 and 2015-2017. Funds must report a full 12-month performance track record over 2017, and a full 36-month track record over 2015-2017 in order to be eligible to be listed in our one- and three-year league tables. The tables are based on data reported to Preqin in early 2018. Although fund rankings are not expected to alter significantly, final performance tables are subject to change as more data becomes available. Most Consistent Top Performing Funds:Most consistent top performing funds were determined using a percentile ranking methodology, whereby each of the four metrics – annualized return, annualized volatility, Sharpe ratio and Sortino ratio – were representatively graded in a universe of hedge funds with matching strategy criteria and performance data up to December 2017 on Preqin’s online platform over two sample periods. The ‘average score’ of each fund was then derived through an average of the four percentile values and solely used to determine fund consistency. Where a Sortino ratio could not be calculated due to the fund not generating a negative return in the sample period, the fund was given a percentile score of 100 for its Sortino ratio metric.

    We hope that you find this report useful and welcome any feedback you may have. For more information about Preqin and our services please visit www.preqin.com or contact [email protected]

    p3 Top Performing Hedge Fundsp6 Top Performing Hedge Funds by Strategyp16 Top Performing Hedge Funds by Trading Stylep20 Top Performing Hedge Funds by Locationp24 Top Performing Hedge Funds by Geographic Focusp28 Top Performing Hedge Funds by Fund Sizep32 Top Performing Funds of Hedge Fundsp35 Top Performing CTAsp38 Top Performing Liquid Alternative Funds

    All rights reserved. The entire contents of Preqin Special Report: Top Performing Hedge Funds in 2017 are the Copyright of Preqin Ltd. No part of this publication or any information contained in it may be copied, transmitted by any electronic means, or stored in any electronic or other data storage medium, or printed or published in any document, report or publication, without the express prior written approval of Preqin Ltd. The information presented in Preqin Special Report: Top Performing Hedge Funds in 2017 is for information purposes only and does not constitute and should not be construed as a solicitation or other offer, or recommendation to acquire or dispose of any investment or to engage in any other transaction, or as advice of any nature whatsoever. If the reader seeks advice rather than information then he should seek an independent financial advisor and hereby agrees that he will not hold Preqin Ltd. responsible in law or equity for any decisions of whatever nature the reader makes or refrains from making following its use of Preqin Special Report: Top Performing Hedge Funds in 2017. While reasonable efforts have been made to obtain information from sources that are believed to be accurate, and to confirm the accuracy of such information wherever possible, Preqin Ltd. does not make any representation or warranty that the information or opinions contained in Preqin Special Report: Top Performing Hedge Funds in 2017 are accurate, reliable, up-to-date or complete. Although every reasonable effort has been made to ensure the accuracy of this publication Preqin Ltd. does not accept any responsibility for any errors or omissions within Preqin Special Report: Top Performing Hedge Funds in 2017 or for any expense or other loss alleged to have arisen in any way with a reader’s use of this publication.

  • TOP PERFORMING HEDGE FUNDS

  • © Preqin Ltd. 2018 / www.preqin.com4

    PREQIN SPECIAL REPORT: TOP PERFORMING HEDGE FUNDS IN 2017

    Fig. 1: Net Returns of Top Performing Hedge Funds in 2017

    Rank Fund Core Strategy Manager Headquarters Net Return in 2017 (%)

    1 Silver 8 Partners Multi-Strategy Silver 8 Capital US 770.74

    2 Global Advisors Bitcoin Investment Fund Cryptocurrency Global Advisors Jersey 330.08

    3 SH Capital Partners, L.P. Long BiasStone House Capital

    Management, LLCUS 234.09

    4 Northwest Warrant Fund - Class A Long BiasNorthwest Investment

    Management (Hong Kong)Hong Kong 216.68

    5 Vulpes Life Sciences Fund - Class A Multi-Strategy Vulpes Investment Management Singapore 190.03

    6 Green Energy Metals Fund Commodities Portal Capital US 135.04

    7 EIA All Weather Alpha Fund I Relative Value ArbitrageEIA Alpha Partners Fund

    ManagementUS 117.25

    8 Pabrai Investment Fund 3 Long/Short Equity Pabrai Investment Funds US 109.24

    9 CSV China Opportunities Fund Long/Short Equity CSV Capital Partners China 108.79

    10 Symphonic Opportunities Fund, LP Long/Short EquitySymphonic Alternative

    InvestmentsUS 103.87

    11 Bulle Rock Partners - Class A Long/Short Equity Bulle Rock Capital US 94.82

    12 SYW Macro SYW Capital Management US 87.60

    13 Atyant Capital India Fund-I Long Bias Atyant Capital Mauritius 79.87

    14Greenwoods ‘A’ Share Opportunities Master Fund - Class B

    Long/Short Equity Greenwoods Asset Management Hong Kong 73.80

    15 Redart Focus Fund Value-Oriented Redart Capital India 73.51

    16 Golden China Plus Fund Value-Oriented Greenwoods Asset Management Hong Kong 72.24

    17UG Hidden Dragon Special Opportunity Fund - Class A

    Multi-Strategy UG Investment Advisers Taiwan 70.51

    18TAL China Focus Fund - Class D (Employee Share Class)

    Long/Short Equity Trivest Advisors Hong Kong 69.51

    19 AlphaNorth Partners Fund - Class A Long Bias AlphaNorth Asset Management Canada 69.28

    20Augury Hedge Fund - USD Arbitrage Class

    Insurance-Linked Strategies Managing Partners Cayman Islands 67.78

    Source: Preqin Hedge Fund Online

  • 5

    PREQIN SPECIAL REPORT: TOP PERFORMING HEDGE FUNDS IN 2017

    Fig. 2: Net Returns of Top Performing Hedge Funds, January 2015 - December 2017

    Rank Fund Core Strategy Manager HeadquartersAnnualized Net Return,

    2015-2017 (%)

    1 Global Advisors Bitcoin Investment Fund Cryptocurrency Global Advisors Jersey 116.30

    2 Praesidium SA Hedge Fund Long/Short Equity Praesidium Capital Management South Africa 40.05

    3L1 Capital Long Short (US Feeder) Fund - Wholesale Class

    Long/Short Equity L1 Capital Australia 39.98

    4 Atyant Capital India Fund-I Long Bias Atyant Capital Mauritius 39.41

    5 Extract Capital Master Fund Multi-Strategy Extract Capital US 35.79

    6 Armistice Capital Fund Long/Short Equity Armistice Capital US 35.28

    7 Accendo Capital - A Share Class Event Driven Accendo Capital Luxembourg 33.99

    8 Teraz Fund Long/Short Equity Spartan Fund Management Canada 33.64

    9 Fourthstone Opportunity Master Fund Long/Short Equity Fourthstone US 33.12

    10 Green Energy Metals Fund Commodities Portal Capital US 32.88

    11Montreux Natural Resources Fund - Class A (USD)

    Commodities Montreux Capital Management Switzerland 32.80

    12 LSQ Fund Long/Short Equity Spartan Fund Management Canada 31.90

    13 Adar Macro Fund - A Macro Adar Capital Partners Cayman Islands 31.53

    14 SPX Raptor Feeder Macro SPX Capital Brazil 31.49

    15 Deer Creek Fund Long Bias Deer Creek Capital Partners US 31.38

    16 Brilliant Partners Master Fund Long/Short Equity Brilliance Capital Management Hong Kong 28.79

    17 Rosseau Fund Special Situations Rosseau Asset Management Canada 28.24

    18 Summit Premium Plus Fund, LP Long Bias SCC Capital Group US 27.54

    19 Cyan C3G Fund Long Bias Cyan Investment Management Australia 27.46

    20 Prism Partners, L.P. - Class B Long/Short Equity Delta Partners, LP US 27.07

    Source: Preqin Hedge Fund Online

    Fig. 3: Net Returns of Top Performing Hedge Funds Launched in 2016

    Rank Fund Core Strategy Manager Headquarters Inception DateNet Return in 2017 (%)

    1 Symphonic Opportunities Fund, LP Long/Short EquitySymphonic Alternative

    InvestmentsUS 01-Jul-16 103.87

    2TAL China Focus Fund - Class D (Employee Share Class)

    Long/Short Equity Trivest Advisors Hong Kong 04-Jul-16 69.51

    3ACM Market Neutral Volatility Strategy Fund LP

    Niche Apis Capital Management US 01-Jan-16 66.24

    4 Warburton Global Fund MacroWarburton Investment

    ManagementAustralia 01-Apr-16 64.14

    5KeyPoint Concentrated Real Estate Opportunity Fund

    Long/Short Equity KeyPoint Capital Management US 01-Oct-16 63.08

    6MMCAP Canada Fund - Class I - CAD

    Multi-Strategy MM Asset Management Cayman Islands 01-Mar-16 61.42

    7 Teza Master Fund V Ltd Statistical Arbitrage Teza Capital Management LLC US 11-Oct-16 59.16

    8Kingsferry Classic Value Fund I - Class A

    Value-Oriented Kingsferry Capital China 20-Jul-16 55.83

    9Brick Accretive Management Fund I LP

    Macro Brick Accretive Management US 01-Jul-16 53.05

    10 Ibex Behavioral Finance Strategy Multi-Strategy Ibex Investors US 01-Jul-16 48.16

    Source: Preqin Hedge Fund Online

  • TOP PERFORMING HEDGE FUNDS BY STRATEGY

  • 7

    PREQIN SPECIAL REPORT: TOP PERFORMING HEDGE FUNDS IN 2017

    Fig. 4: Net Returns of Top Performing Equity Strategies Hedge Funds in 2017

    Rank Fund Core Strategy Manager Headquarters Net Return in 2017 (%)

    1 SH Capital Partners, L.P. Long BiasStone House Capital

    Management, LLCUS 234.09

    2 Northwest Warrant Fund - Class A Long BiasNorthwest Investment

    Management (Hong Kong)Hong Kong 216.68

    3 Pabrai Investment Fund 3 Long/Short Equity Pabrai Investment Funds US 109.24

    4 CSV China Opportunities Fund Long/Short Equity CSV Capital Partners China 108.79

    5 Symphonic Opportunities Fund, LP Long/Short EquitySymphonic Alternative

    InvestmentsUS 103.87

    6 Bulle Rock Partners - Class A Long/Short Equity Bulle Rock Capital US 94.82

    7 Atyant Capital India Fund-I Long Bias Atyant Capital Mauritius 79.87

    8Greenwoods ‘A’ Share Opportunities Master Fund - Class B

    Long/Short Equity Greenwoods Asset Management Hong Kong 73.80

    9 Redart Focus Fund Value-Oriented Redart Capital India 73.51

    10 Golden China Plus Fund Value-Oriented Greenwoods Asset Management Hong Kong 72.24

    Source: Preqin Hedge Fund Online

    EQUITY STRATEGIES

    Fig. 5: Net Returns of Top Performing Equity Strategies Hedge Funds, January 2015 - December 2017

    Rank Fund Core Strategy Manager HeadquartersAnnualized Net Return,

    2015-2017 (%)

    1 Praesidium SA Hedge Fund Long/Short Equity Praesidium Capital Management South Africa 40.05

    2L1 Capital Long Short (US Feeder) Fund - Wholesale Class

    Long/Short Equity L1 Capital Australia 39.98

    3 Atyant Capital India Fund-I Long Bias Atyant Capital Mauritius 39.41

    4 Armistice Capital Fund Long/Short Equity Armistice Capital US 35.28

    5 Teraz Fund Long/Short Equity Spartan Fund Management Canada 33.64

    6 Fourthstone Opportunity Master Fund Long/Short Equity Fourthstone US 33.12

    7 LSQ Fund Long/Short Equity Spartan Fund Management Canada 31.90

    8 Deer Creek Fund Long Bias Deer Creek Capital Partners US 31.38

    9 Brilliant Partners Master Fund Long/Short Equity Brilliance Capital Management Hong Kong 28.79

    10 Summit Premium Plus Fund, LP Long Bias SCC Capital Group US 27.54

    Source: Preqin Hedge Fund Online

    Fig. 6: Most Consistent Top Performing Equity Strategies Hedge Funds over Three Years, January 2015 - December 2017

    Rank Fund Core Strategy Manager Headquarters Consistency Score

    1 Oceana Long Short FIM Long/Short Equity Oceana Investimentos Brazil 96.2

    2 Claritas Long Short Long/Short Equity Claritas Investments Brazil 95.9

    3 Perfin Long Short FIC FIM Long/Short Equity Perfin Investimentos Brazil 94.9

    4 Perfin Long Short 15 FIC FIM Long/Short Equity Perfin Investimentos Brazil 94.8

    5 GAP Long Short FIM Long/Short Equity GAP Asset Management Brazil 94.5

    6 Systematic Strategies Fund Long/Short Equity Systematic Strategies LLC US 94.4

    7 Montreux Healthcare Fund - Class D1 (GBP) Sector-Focused Montreux Capital Management Switzerland 93.7

    8 AZ Quest Equity Hedge Long/Short Equity AZ Quest Brazil 93.3

    9 Sphera Small Cap Fund Long/Short Equity Sphera Funds Management Israel 92.7

    10 Perfin Long Short Plus FIC FIM Long/Short Equity Perfin Investimentos Brazil 92.6

    Source: Preqin Hedge Fund Online

  • © Preqin Ltd. 2018 / www.preqin.com8

    PREQIN SPECIAL REPORT: TOP PERFORMING HEDGE FUNDS IN 2017

    Fig. 7: Most Consistent Top Performing Equity Strategies Hedge Funds over Five Years, January 2013 - December 2017

    Rank Fund Core Strategy Manager Headquarters Consistency Score

    1 Systematic Strategies Fund Long/Short Equity Systematic Strategies LLC US 93.6

    2 GAP Long Short FIM Long/Short Equity GAP Asset Management Brazil 93.4

    = Oceana Long Short FIM Long/Short Equity Oceana Investimentos Brazil 93.4

    4 Taiga Fund - Class A - NOK Long/Short Equity Taiga Fund Management Norway 92.1

    5 Fourthstone Opportunity Master Fund Long/Short Equity Fourthstone US 91.7

    6 AZ Quest Equity Hedge Long/Short Equity AZ Quest Brazil 91.6

    7 LSQ Fund Long/Short Equity Spartan Fund Management Canada 91.0

    8 AZ Quest Total Return Long/Short Equity AZ Quest Brazil 90.8

    9Peregrine Capital High Growth H4 QI Hedge Fund

    Long/Short Equity Peregrine Capital South Africa 90.2

    10 Perfin Long Short FIC FIM Long/Short Equity Perfin Investimentos Brazil 90.1

    Source: Preqin Hedge Fund Online

    Fig. 8: Net Returns of Top Performing Macro Strategies Hedge Funds in 2017

    Rank Fund Core Strategy Manager Headquarters Net Return in 2017 (%)

    1 Green Energy Metals Fund Commodities Portal Capital US 135.04

    2 SYW Macro SYW Capital Management US 87.60

    3 Warburton Global Fund MacroWarburton Investment

    ManagementAustralia 64.14

    4 Doshi Gama Fund Macro Doshi Capital Management US 59.78

    5 Quantedge Global Fund - Class B Macro Quantedge Capital Singapore 38.36

    6 Friedberg Global Macro Hedge Fund Macro Friedberg Mercantile Group Canada 36.48

    7 Bernett Diversified Global Fund Macro Bernett Capital Management US 35.36

    8 Cuyler I LP Macro Cuyler Capital Partners LLC US 34.20

    9 Haidar Jupiter International Macro Haidar Capital Management US 31.63

    10Montreux Natural Resources Fund - CLASS B USD

    Commodities Montreux Capital Management Switzerland 31.53

    Source: Preqin Hedge Fund Online

    MACRO STRATEGIES

    Fig. 9: Net Returns of Top Performing Macro Strategies Hedge Funds, January 2015 - December 2017

    Rank Fund Core Strategy Manager HeadquartersAnnualized Net Return,

    2015-2017 (%)

    1 Green Energy Metals Fund Commodities Portal Capital US 32.88

    2Montreux Natural Resources Fund - Class A (USD)

    Commodities Montreux Capital Management Switzerland 32.80

    3 Adar Macro Fund - A Macro Adar Capital PartnersCayman Islands

    31.53

    4 SPX Raptor Feeder Macro SPX Capital Brazil 31.49

    5TCM Global Index Fund (Cayman) Limited - Flagship Class

    Macro Taaffeite Capital Management US 22.52

    6 SPX Nimitz Feeder Macro SPX Capital Brazil 20.87

    7 Canvas Enduro I Master Fund Macro Canvas Capital Brazil 18.91

    8Halcyon Power Investment Company - Series 1A - 11

    Commodities SPRING Russia 18.74

    9 Bernett Diversified Global Fund Macro Bernett Capital Management US 18.55

    10 SPX Eagle Macro SPX Capital Brazil 17.34

    Source: Preqin Hedge Fund Online

  • 9

    PREQIN SPECIAL REPORT: TOP PERFORMING HEDGE FUNDS IN 2017

    Fig. 10: Most Consistent Top Performing Macro Strategies Hedge Funds over Three Years, January 2015 - December 2017

    Rank Fund Core Strategy Manager Headquarters Consistency Score

    1 Claritas Institucional Macro Claritas Investments Brazil 95.6

    2 Claritas Hedge Macro Claritas Investments Brazil 95.1

    3 Barak Structured Trade Finance Fund Commodities Barak Fund Management Mauritius 93.3

    4 Brasil Plural Institucional FIC FIM Macro Brasil Plural Asset Management Brazil 92.9

    5Canvas Classic Master FIM - Canvas Classic II FIC FIM

    Macro Canvas Capital Brazil 92.7

    = GAP Hedge FIM Macro GAP Asset Management Brazil 92.7

    7 Ibiuna Hedge Macro Ibiuna Investimentos Brazil 92.4

    8 SPX Nimitz Feeder Macro SPX Capital Brazil 92.3

    9 Brasil Plural Institucional 15 FIC FIM Macro Brasil Plural Asset Management Brazil 91.2

    10 BNY Mellon ARX Extra FIM Foreign Exchange ARX Investimentos Brazil 91.0

    Source: Preqin Hedge Fund Online

    Fig. 11: Most Consistent Top Performing Macro Strategies Hedge Funds over Five Years, January 2013 - December 2017

    Rank Fund Core Strategy Manager Headquarters Consistency Score

    1 Barak Structured Trade Finance Fund Commodities Barak Fund Management Mauritius 94.8

    2 Claritas Institucional Macro Claritas Investments Brazil 94.6

    3 Brasil Plural Institucional FIC FIM Macro Brasil Plural Asset Management Brazil 94.4

    4 BNY Mellon ARX Extra FIM Foreign Exchange ARX Investimentos Brazil 93.8

    5 Claritas Hedge Macro Claritas Investments Brazil 92.2

    6 GAP Hedge FIM Macro GAP Asset Management Brazil 91.6

    = Ibiuna Hedge Macro Ibiuna Investimentos Brazil 91.6

    8 SPX Nimitz Feeder Macro SPX Capital Brazil 90.7

    9 Polo Macro Macro Polo Capital Management Brazil 90.0

    10 CSHG Verde Macro Credit Suisse Hedging-Griffo Brazil 88.1

    Source: Preqin Hedge Fund Online

    Fig. 12: Net Returns of Top Performing Event Driven Hedge Strategies Funds in 2017

    Rank Fund Core Strategy Manager Headquarters Net Return in 2017 (%)

    1 Kairos Pegasus - E1 Event DrivenKairos Investment

    ManagementUK 54.47

    2 EB Asia Absolute Return Fund Opportunistic Ellis Brady Management Hong Kong 49.40

    3 Rosalind Offshore Fund - Master Series Event Driven Rosalind Advisors Canada 48.07

    4Rosalind Capital Partners - Class A Master Series

    Event Driven Rosalind Advisors Canada 46.53

    5 Lion Fund Event Driven York Asset Management US 46.35

    6 Black Crane Asia Opportunities Fund Event Driven Black Crane Capital Hong Kong 43.88

    7 L1 Capital Global Opportunities Fund Event Driven L1 Capital Australia 32.58

    8 KG Investments Fund - Class A-8 Special Situations KG Funds Management US 30.73

    9 Catalyst Dynamic Alpha Fund - Class I Opportunistic Catalyst Funds US 30.56

    10 Accendo Capital - BX Class Event Driven Accendo Capital Luxembourg 28.21

    Source: Preqin Hedge Fund Online

    EVENT DRIVEN STRATEGIES

  • © Preqin Ltd. 2018 / www.preqin.com10

    PREQIN SPECIAL REPORT: TOP PERFORMING HEDGE FUNDS IN 2017

    Fig. 13: Net Returns of Top Performing Event Driven Strategies Hedge Funds, January 2015 - December 2017

    Rank Fund Core Strategy Manager HeadquartersAnnualized Net Return,

    2015-2017 (%)

    1 Accendo Capital - A Share Class Event Driven Accendo Capital Luxembourg 33.99

    2 Rosseau Fund Special Situations Rosseau Asset Management Canada 28.24

    3 Teleios Global Opportunities Fund, Ltd Event Driven Teleios Capital Partners Switzerland 26.14

    4 Kairos Pegasus - E1 Event DrivenKairos Investment

    ManagementUK 22.72

    5 Lion Fund Event Driven York Asset Management US 22.33

    6Rosalind Capital Partners - Class A Master Series

    Event Driven Rosalind Advisors Canada 20.08

    7 Black Crane Asia Opportunities Fund Event Driven Black Crane Capital Hong Kong 20.01

    = Primevestfund - Class A Special Situations Primevest Capital Corp Canada 20.01

    9 Rosalind Offshore Fund - Master Series Event Driven Rosalind Advisors Canada 19.84

    10Global Special Situations Fund - S Acc Net GBP

    Special Situations Investec Asset Management UK 19.27

    Source: Preqin Hedge Fund Online

    Fig. 14: Most Consistent Top Performing Event Driven Strategies Hedge Funds over Three Years, January 2015 - December 2017

    Rank Fund Core Strategy Manager Headquarters Consistency Score

    1 Equity Power Fund - A EUR Event Driven Equity Expert Luxembourg 96.9

    2 Altum Credit European Master Fund Distressed Altum Capital Management US 92.3

    3 Altum Credit Fund, Ltd Opportunistic Altum Capital Management US 89.8

    4 Glazer Enhanced Offshore Fund Risk/Merger Arbitrage Glazer Capital Management US 89.7

    5 Orsay Merger Arbitrage Fund - Class 2 EUR Risk/Merger ArbitrageOddo Meriten Asset

    ManagementFrance 88.7

    6 Context BH Partners - Class C Event Driven Context Capital Partners US 88.5

    7KL Special Opportunities Master Fund - USD Class A

    Event Driven Kite Lake Capital Management UK 88.3

    8 Amethyst Arbitrage Fund Onshore - Class F Event Driven Crystalline Management Canada 85.9

    9 Littlejohn Opportunities Master Fund Distressed Littlejohn & Co. US 85.5

    10 Hildene Opportunities Fund II Distressed Hildene Capital Management US 84.7

    Source: Preqin Hedge Fund Online

    Fig. 15: Most Consistent Top Performing Event Driven Strategies Hedge Funds over Five Years, January 2013 - December 2017

    Rank Fund Core Strategy Manager Headquarters Consistency Score

    1 Hildene Opportunities Fund II Distressed Hildene Capital Management US 92.6

    2 Altum Credit Fund, Ltd Opportunistic Altum Capital Management US 89.5

    3 Context BH Partners - Class C Event Driven Context Capital Partners US 89.3

    4 Hildene Opportunities Fund Distressed Hildene Capital Management US 85.5

    5 Littlejohn Opportunities Master Fund Distressed Littlejohn & Co. US 84.6

    6 Corrib Offshore Fund Event Driven Corrib Capital Management US 81.9

    7 Owl Creek Credit Opportunities Fund, Ltd. Event Driven Owl Creek Asset Management US 81.4

    8KL Special Opportunities Master Fund - USD Class A

    Event Driven Kite Lake Capital Management UK 80.2

    9 KG Offshore Fund Special Situations KG Funds Management US 79.5

    10 Orsay Merger Arbitrage Fund - Class 2 EUR Risk/Merger ArbitrageOddo Meriten Asset

    ManagementFrance 79.4

    Source: Preqin Hedge Fund Online

  • 11

    PREQIN SPECIAL REPORT: TOP PERFORMING HEDGE FUNDS IN 2017

    Fig. 16: Net Returns of Top Performing Credit Strategies Hedge Funds in 2017

    Rank Fund Core Strategy Manager Headquarters Net Return in 2017 (%)

    1Sanchi Credit Value Fund SP - Share Class A1

    Fixed IncomeAriana Investment

    ManagementSingapore 57.15

    2 Prytania Athena Fund Specialist Credit Prytania Investment Advisors UK 30.10

    3Vector Capital Credit Opportunity Fund - Series A shares

    Specialist Credit Vector Capital Management US 25.32

    4Wasserstein Debt Opportunities Fund - Founder's Class

    Fixed IncomeWasserstein Debt

    Opportunities ManagementUS 24.97

    5 Silverdale India Equity Fund - Class G Fixed Income Silverdale Capital Singapore 23.48

    6 Strategos Deep Value Master Fund Mortgage-Backed Strategies Strategos Capital US 22.02

    7 Good Hill Municipal Bond Opportunity Fund Long/Short Credit Good Hill Partners US 20.23

    8 STS Partners FundAsset-Backed Lending

    StrategiesDeer Park Road Management

    CompanyUS 19.79

    9 CCP Total Return Fund Mortgage-Backed Strategies Cicero Capital Partners US 19.44

    10 BK Opportunities Fund III Specialist Credit Oristan Ireland UK 19.36

    Source: Preqin Hedge Fund Online

    CREDIT STRATEGIES

    Fig. 17: Net Returns of Top Performing Credit Strategies Hedge Funds, January 2015 - December 2017

    Rank Fund Core Strategy Manager HeadquartersAnnualized Net Return,

    2015-2017 (%)

    1Sanchi Credit Value Fund SP - Share Class A1

    Fixed IncomeAriana Investment

    ManagementSingapore 22.75

    2 Captalys FIM CPAsset-Backed Lending

    StrategiesCaptalys Brazil 18.83

    3Vector Capital Credit Opportunity Fund - Series A shares

    Specialist Credit Vector Capital Management US 15.83

    4 Captalys Mirante FIC FIM CP Fixed Income Captalys Brazil 15.75

    5 Serone Key Opportunities Fund - A USD Specialist Credit Serone Capital Management UK 15.68

    6 CSS Alpha Fund - Class A GBP Long/Short CreditCharles Street Securities

    EuropeUK 15.58

    7Wasserstein Debt Opportunities Fund - Founder's Class

    Fixed IncomeWasserstein Debt

    Opportunities ManagementUS 15.54

    8 Waha CEEMEA Fixed Income Fund Long/Short Credit Waha CapitalUnited Arab

    Emirates15.44

    9 Serica Credit Balanced Fund Long/Short Credit Serica Partners Asia Hong Kong 15.39

    10 CCP Total Return Fund Mortgage-Backed Strategies Cicero Capital Partners US 14.93

    Source: Preqin Hedge Fund Online

    Fig. 18: Most Consistent Top Performing Credit Strategies Hedge Funds over Three Years, January 2015 - December 2017

    Rank Fund Core Strategy Manager Headquarters Consistency Score

    1 Captalys FIM CP Asset-Backed Lending Strategies Captalys Brazil 97.6

    2 Prudent Investment Fund Asset-Backed Lending Strategies Prudent Group Luxembourg 96.5

    3 FTM Ltd - Class C Asset-Backed Lending Strategies FTM Vanuatu 96.2

    4 Sparta Top Renda Fixa Fixed IncomeSparta Administradora de

    RecursosBrazil 95.3

    5 Brasil Plural Crédito Corporativo FIC FIM Fixed IncomeBrasil Plural Asset

    ManagementBrazil 95.0

    6 Brasil Plural Crédito Corporativo II FIC FIM Fixed IncomeBrasil Plural Asset

    ManagementBrazil 94.9

    7 Captalys Mirante FIC FIM CP Fixed Income Captalys Brazil 94.6

    8 Bozano Rendimento Renda Fixa Fixed Income Bozano Investimentos Brazil 94.0

    9 Swiss ALP Constant Cash Yield I Specialist CreditSwiss ALP Asset

    ManagementLiechtenstein 91.8

    10 Multinvest FI Multimercado Fixed Income Multinvest Capital Brazil 91.7

    Source: Preqin Hedge Fund Online

  • © Preqin Ltd. 2018 / www.preqin.com12

    PREQIN SPECIAL REPORT: TOP PERFORMING HEDGE FUNDS IN 2017

    Fig. 19: Most Consistent Top Performing Credit Strategies Hedge Funds over Five Years, January 2013 - December 2017

    Rank Fund Core Strategy Manager Headquarters Consistency Score

    1 Captalys FIM CP Asset-Backed Lending Strategies Captalys Brazil 98.2

    2 Prudent Investment Fund Asset-Backed Lending Strategies Prudent Group Luxembourg 97.2

    3 Brasil Plural Crédito Corporativo FIC FIM Fixed IncomeBrasil Plural Asset

    ManagementBrazil 97.0

    4 Sparta Top Renda Fixa Fixed IncomeSparta Administradora de

    RecursosBrazil 96.1

    5 Bozano Rendimento Renda Fixa Fixed Income Bozano Investimentos Brazil 94.5

    6 Polo Credito Privado I Long/Short Credit Polo Capital Management Brazil 93.1

    = TCA Global Credit Fund LP - Class A Asset-Backed Lending Strategies TCA Fund Management US 93.1

    8 Prism Income Fund - USD Fixed Income Skybound Capital South Africa 91.2

    9 FTM Ltd - Class A Asset-Backed Lending Strategies FTM Vanuatu 90.7

    10 Multinvest FI Multimercado Fixed Income Multinvest Capital Brazil 90.4

    Source: Preqin Hedge Fund Online

    Fig. 20: Net Returns of Top Performing Relative Value Strategies Hedge Funds in 2017

    Rank Fund Core Strategy Manager Headquarters Net Return in 2017 (%)

    1 EIA All Weather Alpha Fund I Relative Value ArbitrageEIA Alpha Partners Fund

    ManagementUS 117.25

    2 Teza Master Fund V Ltd Statistical ArbitrageTeza Capital Management

    LLCUS 59.16

    3 All Alpha Earnings Announcement Fund Equity Market Neutral 4Alphas Capital US 34.82

    4 RYJ Fund Statistical Arbitrage RYJ Capital Management US 33.48

    5 Teak Hill Fund LP - USD Class A-1 Relative Value Arbitrage Credit Capital Investments US 32.16

    6 Teza Master Fund Ltd Statistical ArbitrageTeza Capital Management

    LLCUS 28.91

    7 Bennelong Long Short Equity Fund Equity Market NeutralBennelong Funds

    ManagementAustralia 21.13

    8Sino Vision-Greater China Market Neutral Fund

    Equity Market NeutralGrand Alliance Asset

    ManagementHong Kong 21.04

    9 Malachite Capital Partners Relative Value ArbitrageMalachite Capital

    ManagementUS 20.59

    10 Gondor Partners, LP Equity Market Neutral Gondor Capital Management US 20.51

    Source: Preqin Hedge Fund Online

    RELATIVE VALUE STRATEGIES

    Fig. 21: Net Returns of Top Performing Relative Value Strategies Hedge Funds, January 2015 - December 2017

    Rank Fund Core Strategy Manager HeadquartersAnnualized Net Return,

    2015-2017 (%)

    1 Gondor Partners, LP Equity Market Neutral Gondor Capital Management US 19.60

    2 RYJ Fund Statistical Arbitrage RYJ Capital Management US 17.27

    3Peregrine Capital Dynamic Alpha H4 QI Hedge Fund

    Equity Market Neutral Peregrine Capital South Africa 15.18

    4 Credence Global - Class C Relative Value ArbitrageSplendor Capital

    ManagementChina 15.14

    5 Bresser Plus Hedge Fund Relative Value Arbitrage Bresser Asset Management Brazil 14.27

    6 Tempo Volatility Fund LLC Relative Value Arbitrage JD Capital Management US 14.23

    7Sino Vision-Greater China Market Neutral Fund

    Equity Market NeutralGrand Alliance Asset

    ManagementHong Kong 13.96

    8 A3E EM High Yield Bond Fund - USD Fixed Income Arbitrage A3E Capital Malta 13.51

    9 I-Alpha Relative Value Arbitrage Estee Capital India 13.47

    10 Malachite Capital Partners Relative Value ArbitrageMalachite Capital

    ManagementUS 13.12

    Source: Preqin Hedge Fund Online

  • 13

    PREQIN SPECIAL REPORT: TOP PERFORMING HEDGE FUNDS IN 2017

    Fig. 22: Most Consistent Top Performing Relative Value Strategies Hedge Funds over Three Years, January 2015 - December 2017

    Rank Fund Core Strategy Manager Headquarters Consistency Score

    1 I-Alpha Relative Value Arbitrage Estee Capital India 98.7

    2 A3E EM High Yield Bond Fund - USD Fixed Income Arbitrage A3E Capital Malta 96.1

    3 Global Arbitrage Fund SP Relative Value Arbitrage Ariana Investment Management Singapore 91.3

    4 Volatility Arbitrage Fund Statistical Arbitrage Old Mutual Customised Solutions South Africa 90.2

    5Peregrine Capital Pure Hedge H4 QI Hedge Fund

    Equity Market Neutral Peregrine Capital South Africa 87.1

    6 Akito Fund - USD Class A Series 1 Equity Market Neutral ACG Management Singapore 86.8

    7 Gondor Partners, LP Equity Market Neutral Gondor Capital Management US 86.1

    8 Estee India Fund Equity Market Neutral Estee Capital India 86.0

    9 Polygon Convertible Opportunity Strategy Convertible Arbitrage TFG Asset Management UK 85.5

    10 BlackBox Master Fund Statistical Arbitrage BlackBox Group US 85.4

    Source: Preqin Hedge Fund Online

    Fig. 23: Most Consistent Top Performing Relative Value Strategies Hedge Funds over Five Years, January 2013 - December 2017

    Rank Fund Core Strategy Manager Headquarters Consistency Score

    1 I-Alpha Relative Value Arbitrage Estee Capital India 98.6

    2 Polygon Convertible Opportunity Strategy Convertible Arbitrage TFG Asset Management UK 89.5

    3 BlackBox Master Fund Statistical Arbitrage BlackBox Group US 88.8

    4Peregrine Capital Pure Hedge H4 QI Hedge Fund

    Equity Market Neutral Peregrine Capital South Africa 88.7

    5 Volatility Arbitrage Fund Statistical Arbitrage Old Mutual Customised Solutions South Africa 88.5

    6 Go Green Fund Fixed Income Arbitrage Green Oak Capital South Africa 85.3

    7 Akito Fund - USD Class B Series 1 Equity Market Neutral ACG Management Singapore 85.2

    = Semper MIDAS Fund LP Fixed Income Arbitrage Semper Capital Management US 85.2

    9 Esulep LLC Permo Fund Equity Market Neutral Esulep Management US 84.3

    10 Old Mutual Aristeia Opportunities Fund Relative Value Arbitrage Old Mutual Customised Solutions South Africa 84.2

    Source: Preqin Hedge Fund Online

    Fig. 24: Net Returns of Top Performing Niche Strategies Hedge Funds in 2017

    Rank Fund Core Strategy Manager Headquarters Net Return in 2017 (%)

    1 Global Advisors Bitcoin Investment Fund Cryptocurrency Global Advisors Jersey 330.08

    2 Augury Hedge Fund - USD Arbitrage Class Insurance-Linked Strategies Managing Partners Cayman Islands 67.78

    3ACM Market Neutral Volatility Strategy Fund LP

    Niche Apis Capital Management US 66.24

    4 Attunga Power & Enviro Fund Niche Attunga Capital Australia 17.49

    5 Laureola Investment Fund - USD Class Insurance-Linked Strategies Laureola AdvisorsBritish Virgin

    Islands13.07

    Source: Preqin Hedge Fund Online

    NICHE STRATEGIES

    Fig. 25: Net Returns of Top Performing Niche Strategies Hedge Funds, January 2015 - December 2017

    Rank Fund Core Strategy Manager HeadquartersAnnualized Net Return,

    2015-2017 (%)

    1 Global Advisors Bitcoin Investment Fund Cryptocurrency Global Advisors Jersey 116.30

    2 Laureola Investment Fund - USD Class Insurance-Linked Strategies Laureola AdvisorsBritish Virgin

    Islands19.72

    3 OPEX Capital Partners Fund Niche OPEX Capital Management US 14.37

    4 Attunga Power & Enviro Fund Niche Attunga Capital Australia 13.50

    5 Vida Longevity Fund Insurance-Linked Strategies Vida Capital US 12.57

    Source: Preqin Hedge Fund Online

  • © Preqin Ltd. 2018 / www.preqin.com14

    PREQIN SPECIAL REPORT: TOP PERFORMING HEDGE FUNDS IN 2017

    MULTI-STRATEGY

    Fig. 26: Net Returns of Top Performing Multi-Strategy Hedge Funds in 2017

    Rank Fund Core Strategy Manager Headquarters Net Return in 2017 (%)

    1 Silver 8 Partners Multi-Strategy Silver 8 Capital US 770.74

    2 Vulpes Life Sciences Fund - Class A Multi-Strategy Vulpes Investment Management Singapore 190.03

    3UG Hidden Dragon Special Opportunity Fund - Class A

    Multi-Strategy UG Investment Advisers Taiwan 70.51

    4 MMCAP Canada Fund - Class I - CAD Multi-Strategy MM Asset Management Cayman Islands 61.42

    5 Fujiwara Global Fund - USD Class Multi-Strategy Fujiwara Vietbridge Capital Advisors Singapore 55.84

    6 Ibex Behavioral Finance Strategy Multi-Strategy Ibex Investors US 48.16

    7 Quam China Focus Fund - Class B Multi-StrategyOceanwide Asset Management

    LimitedHong Kong 43.01

    8 Neutron Fund- Neutron B Multi-Strategy BRIC Neutron Asset Management Hong Kong 34.84

    9 Zentrum Asia Opportunity Fund Multi-Strategy Zentrum Capital Advisors Hong Kong 32.00

    10 Tamarack Global Health Care Fund QP Multi-Strategy Tamarack Capital Management US 29.95

    Source: Preqin Hedge Fund Online

    Fig. 28: Most Consistent Top Performing Multi-Strategy Hedge Funds over Three Years, January 2015 - December 2017

    Rank Fund Core Strategy Manager Headquarters Consistency Score

    1 DLM Hedge Conservador Multi-Strategy DLM Invista Asset Management Brazil 95.8

    2 JGP Hedge Multi-Strategy JGP Global Gestão de Recursos Brazil 94.9

    = JGP Max Multi-Strategy JGP Global Gestão de Recursos Brazil 94.9

    4 BNY Mellon ARX Target FIM Multi-Strategy ARX Investimentos Brazil 94.6

    5 Sparta Dinâmico Multi-Strategy Sparta Administradora de Recursos Brazil 94.2

    6 DLM Hedge Moderado Multi-Strategy DLM Invista Asset Management Brazil 93.6

    7 Kinea Arkhe Multi-Strategy Kinea Investimentos Brazil 93.5

    8 JGP Strategy Multi-Strategy JGP Global Gestão de Recursos Brazil 92.9

    9 Bozano Quant FIM Multi-Strategy Bozano Investimentos Brazil 92.6

    10 NEO Multi Estrategia Multimercado Multi-Strategy NEO Investimentos Brazil 92.0

    Source: Preqin Hedge Fund Online

    Fig. 27: Net Returns of Top Performing Multi-Strategy Hedge Funds, January 2015 - December 2017

    Rank Fund Core Strategy Manager HeadquartersAnnualized Net Return,

    2015-2017 (%)

    1 Extract Capital Master Fund Multi-Strategy Extract Capital US 35.79

    2 Kapitalo Zeta FIQ FIM Multi-Strategy Kapitalo Investimentos Brazil 23.43

    3 Fujiwara Global Fund - USD Class Multi-Strategy Fujiwara Vietbridge Capital Advisors Singapore 22.99

    4 Leste Global Fund Multi-Strategy Leste Global Investments Brazil 19.17

    5 AZ Quest Multi Multi-Strategy AZ Quest Brazil 17.75

    6 Quad Multi-Strategy Fund Multi-Strategy Quad Group US 16.94

    7 CSHG All Ibiuna Hedge Multi-Strategy Credit Suisse Hedging-Griffo Brazil 16.48

    8 Kapitalo Kappa FIN FIQ FIM Multi-Strategy Kapitalo Investimentos Brazil 16.37

    9 NEO Multi Estrategia Multimercado Multi-Strategy NEO Investimentos Brazil 16.19

    10 JGP Strategy Multi-Strategy JGP Global Gestão de Recursos Brazil 16.04

    Source: Preqin Hedge Fund Online

  • 15

    PREQIN SPECIAL REPORT: TOP PERFORMING HEDGE FUNDS IN 2017

    Fig. 29: Most Consistent Top Performing Multi-Strategy Hedge Funds over Five Years, January 2013 - December 2017

    Rank Fund Core Strategy Manager Headquarters Consistency Score

    1 DLM Hedge Conservador Multi-Strategy DLM Invista Asset Management Brazil 94.7

    2 Sparta Dinâmico Multi-Strategy Sparta Administradora de Recursos Brazil 94.5

    3 JGP Max Multi-Strategy JGP Global Gestão de Recursos Brazil 93.6

    4 JGP Hedge Multi-Strategy JGP Global Gestão de Recursos Brazil 92.5

    5 DLM Hedge Moderado Multi-Strategy DLM Invista Asset Management Brazil 92.3

    6 Bozano Quant FIM Multi-Strategy Bozano Investimentos Brazil 92.2

    7 JGP Strategy Multi-Strategy JGP Global Gestão de Recursos Brazil 92.0

    8 BNY Mellon ARX Target FIM Multi-Strategy ARX Investimentos Brazil 91.4

    9 NEO Multi Estratégia 30 Multi-Strategy NEO Investimentos Brazil 89.8

    10 Kinea Arkhe Multi-Strategy Kinea Investimentos Brazil 89.6

    Source: Preqin Hedge Fund Online

  • TOP PERFORMING HEDGE FUNDS BY TRADING

    STYLE

  • 17

    PREQIN SPECIAL REPORT: TOP PERFORMING HEDGE FUNDS IN 2017

    ACTIVIST

    Fig. 30: Net Returns of Top Performing Activist Hedge Funds in 2017

    Rank Fund Core Strategy Manager Headquarters Net Return in 2017 (%)

    1UG Hidden Dragon Special Opportunity Fund - Class A

    Multi-Strategy UG Investment Advisers Taiwan 70.51

    2 ASEAN Deep Value Fund - Class A Long Bias ASEAN Investment Management Hong Kong 63.86

    3 Foundation China Opportunity Fund Long/Short EquityFoundation Asset Management

    (HK)Hong Kong 60.05

    4 SageOne India Growth Master Fund Long Bias Lighthouse Canton Singapore 53.55

    5 Brick Accretive Management Fund I LP Macro Brick Accretive Management US 53.05

    Source: Preqin Hedge Fund Online

    Fig. 31: Net Returns of Top Performing Activist Hedge Funds, January 2015 - December 2017

    Rank Fund Core Strategy Manager HeadquartersAnnualized Net Return,

    2015-2017 (%)

    1 Praesidium SA Hedge Fund Long/Short Equity Praesidium Capital Management South Africa 40.05

    2 Accendo Capital - A Share Class Event Driven Accendo Capital Luxembourg 33.99

    3Montreux Natural Resources Fund - Class A (USD)

    Commodities Montreux Capital Management Switzerland 32.80

    4 Teleios Global Opportunities Fund, Ltd Event Driven Teleios Capital Partners Switzerland 26.14

    5 Primevestfund - Class A Special Situations Primevest Capital Corp Canada 20.01

    6 SageOne India Growth Master Fund Long Bias Lighthouse Canton Singapore 19.73

    7UG Hidden Dragon Special Opportunity Fund - Class A

    Multi-Strategy UG Investment Advisers Taiwan 19.43

    8 Taiyo Fund Long Bias Taiyo Pacific Partners US 18.05

    9 KG Investments Fund - Class A-8 Special Situations KG Funds Management US 17.66

    10 Crescendo Partners III Value-Oriented Crescendo Partners US 17.56

    Source: Preqin Hedge Fund Online

    VOLATILITY TRADING

    Fig. 32: Net Returns of Top Performing Volatility Trading Hedge Funds in 2017

    Rank Fund Core Strategy Manager Headquarters Net Return in 2017 (%)

    1 EIA All Weather Alpha Fund I Relative Value ArbitrageEIA Alpha Partners Fund

    ManagementUS 117.25

    2 Symphonic Opportunities Fund, LP Long/Short EquitySymphonic Alternative

    InvestmentsUS 103.87

    3ACM Market Neutral Volatility Strategy Fund LP

    Niche Apis Capital Management US 66.24

    4 Doshi Gama Fund Macro Doshi Capital Management US 59.78

    5 Teza Master Fund V Ltd Statistical Arbitrage Teza Capital Management LLC US 59.16

    Source: Preqin Hedge Fund Online

  • © Preqin Ltd. 2018 / www.preqin.com18

    PREQIN SPECIAL REPORT: TOP PERFORMING HEDGE FUNDS IN 2017

    Fig. 33: Net Returns of Top Performing Volatility Trading Hedge Funds, January 2015 - December 2017

    Rank Fund Core Strategy Manager HeadquartersAnnualized Net Return,

    2015-2017 (%)

    1 SageOne India Growth Master Fund Long Bias Lighthouse Canton Singapore 19.73

    2 Doshi Gama Fund Macro Doshi Capital Management US 16.62

    3Delbrook Resource Opportunities Fund - Class A

    Long/Short Equity Delbrook Capital Advisors Canada 16.44

    4 Serone Key Opportunities Fund - A USD Specialist Credit Serone Capital Management UK 15.68

    5 CSS Alpha Fund - Class A GBP Long/Short Credit Charles Street Securities Europe UK 15.58

    6 Prudent Investment FundAsset-Backed Lending

    StrategiesPrudent Group Luxembourg 14.28

    7 Tempo Volatility Fund LLC Relative Value Arbitrage JD Capital Management US 14.23

    8 Perfin Long Short Plus FIC FIM Long/Short Equity Perfin Investimentos Brazil 13.78

    9 Perfin Long Short FIC FIM Long/Short Equity Perfin Investimentos Brazil 13.51

    10 Malachite Capital Partners Relative Value Arbitrage Malachite Capital Management US 13.12

    Source: Preqin Hedge Fund Online

    DISCRETIONARY

    Fig. 34: Net Returns of Top Performing Discretionary Hedge Funds* in 2017

    Rank Fund Core Strategy Manager Headquarters Net Return in 2017 (%)

    1 SH Capital Partners, L.P. Long BiasStone House Capital

    Management, LLCUS 234.09

    2 CSV China Opportunities Fund Long/Short Equity CSV Capital Partners China 108.79

    3 Symphonic Opportunities Fund, LP Long/Short EquitySymphonic Alternative

    InvestmentsUS 103.87

    4 SYW Macro SYW Capital Management US 87.60

    5 Atyant Capital India Fund-I Long Bias Atyant Capital Mauritius 79.87

    Source: Preqin Hedge Fund Online

    *Systematic and discretionary tables only include funds that solely utilize that trading style. Funds that employ a mix of styles are not counted.

    Fig. 35: Net Returns of Top Performing Discretionary Hedge Funds*, January 2015 - December 2017

    Rank Fund Core Strategy Manager HeadquartersAnnualized Net Return,

    2015-2017 (%)

    1 Atyant Capital India Fund-I Long Bias Atyant Capital Mauritius 39.41

    2 Armistice Capital Fund Long/Short Equity Armistice Capital US 35.28

    3 Teraz Fund Long/Short Equity Spartan Fund Management Canada 33.64

    4 Fourthstone Opportunity Master Fund Long/Short Equity Fourthstone US 33.12

    5Montreux Natural Resources Fund - Class A (USD)

    Commodities Montreux Capital Management Switzerland 32.80

    6 SPX Raptor Feeder Macro SPX Capital Brazil 31.49

    7 Brilliant Partners Master Fund Long/Short Equity Brilliance Capital Management Hong Kong 28.79

    8 Summit Premium Plus Fund, LP Long Bias SCC Capital Group US 27.54

    9 Cyan C3G Fund Long Bias Cyan Investment Management Australia 27.46

    10 Prism Partners, L.P. - Class B Long/Short Equity Delta Partners, LP US 27.07

    Source: Preqin Hedge Fund Online

  • 19

    PREQIN SPECIAL REPORT: TOP PERFORMING HEDGE FUNDS IN 2017

    SYSTEMATIC

    Fig. 36: Net Returns of Top Performing Systematic Hedge Funds* in 2017

    Rank Fund Core Strategy Manager Headquarters Net Return in 2017 (%)

    1 EIA All Weather Alpha Fund I Relative Value ArbitrageEIA Alpha Partners Fund

    ManagementUS 117.25

    2 AlphaNorth Partners Fund - Class A Long Bias AlphaNorth Asset Management Canada 69.28

    3 Doshi Gama Fund Macro Doshi Capital Management US 59.78

    4 Teza Master Fund V Ltd Statistical Arbitrage Teza Capital Management LLC US 59.16

    5 Deer Creek Fund Long Bias Deer Creek Capital Partners US 55.65

    Source: Preqin Hedge Fund Online

    Fig. 37: Net Returns of Top Performing Systematic Hedge Funds*, January 2015 - December 2017

    Rank Fund Core Strategy Manager HeadquartersAnnualized Net Return,

    2015-2017 (%)

    1 LSQ Fund Long/Short Equity Spartan Fund Management Canada 31.90

    2 Deer Creek Fund Long Bias Deer Creek Capital Partners US 31.38

    3 Leste Global Fund Multi-Strategy Leste Global Investments Brazil 19.17

    4Renaissance Institutional Equities Fund - Series B

    Long Bias Renaissance Technologies US 17.99

    5 Doshi Gama Fund Macro Doshi Capital Management US 16.62

    6GCI Systematic Macro Strategy (25% Target Volatility) - USD

    Macro GCI Asset Management Japan 16.41

    7 NEO Multi Estrategia Multimercado Multi-Strategy NEO Investimentos Brazil 16.19

    8 Zeal China Fund Long/Short Equity Zeal Asset Management Hong Kong 15.43

    9 Systematic Strategies Fund Long/Short Equity Systematic Strategies LLC US 15.24

    10 AlphaNorth Partners Fund - Class D Long Bias AlphaNorth Asset Management Canada 15.14

    Source: Preqin Hedge Fund Online

    *Systematic and discretionary tables only include funds that solely utilize that trading style. Funds that employ a mix of styles are not counted.

  • TOP PERFORMING HEDGE FUNDS BY LOCATION

  • 21

    PREQIN SPECIAL REPORT: TOP PERFORMING HEDGE FUNDS IN 2017

    NORTH AMERICA

    Fig. 38: Net Returns of Top Performing North America-Based Hedge Funds in 2017

    Rank Fund Core Strategy Manager Headquarters Net Return in 2017 (%)

    1 Silver 8 Partners Multi-Strategy Silver 8 Capital US 770.74

    2 SH Capital Partners, L.P. Long BiasStone House Capital Management,

    LLCUS 234.09

    3 Green Energy Metals Fund Commodities Portal Capital US 135.04

    4 EIA All Weather Alpha Fund I Relative Value ArbitrageEIA Alpha Partners Fund

    ManagementUS 117.25

    5 Pabrai Investment Fund 3 Long/Short Equity Pabrai Investment Funds US 109.24

    Source: Preqin Hedge Fund Online

    Fig. 39: Net Returns of Top Performing North America-Based Hedge Funds, January 2015 - December 2017

    Rank Fund Core Strategy Manager HeadquartersAnnualized Net Return,

    2015-2017 (%)

    1 Extract Capital Master Fund Multi-Strategy Extract Capital US 35.79

    2 Armistice Capital Fund Long/Short Equity Armistice Capital US 35.28

    3 Teraz Fund Long/Short Equity Spartan Fund Management Canada 33.64

    4 Fourthstone Opportunity Master Fund Long/Short Equity Fourthstone US 33.12

    5 Green Energy Metals Fund Commodities Portal Capital US 32.88

    6 LSQ Fund Long/Short Equity Spartan Fund Management Canada 31.90

    7 Adar Macro Fund - A Macro Adar Capital Partners Cayman Islands 31.53

    8 Deer Creek Fund Long Bias Deer Creek Capital Partners US 31.38

    9 Rosseau Fund Special Situations Rosseau Asset Management Canada 28.24

    10 Summit Premium Plus Fund, LP Long Bias SCC Capital Group US 27.54

    Source: Preqin Hedge Fund Online

    EUROPE

    Fig. 40: Net Returns of Top Performing Europe-Based Hedge Funds in 2017

    Rank Fund Core Strategy Manager Headquarters Net Return in 2017 (%)

    1 Global Advisors Bitcoin Investment Fund Cryptocurrency Global Advisors Jersey 330.08

    2 Kairos Pegasus - E1 Event Driven Kairos Investment Management UK 54.47

    3Rhenman Healthcare Equity Long Short Fund - IC2 USD

    Long/Short EquityRhenman & Partners Asset

    ManagementSweden 51.24

    4 AccessTurkey Opportunities Fund Long/Short Equity AccessTurkey Turkey 44.95

    5 Northglen Aggressive SP Long Bias Slater Investments UK 42.22

    Source: Preqin Hedge Fund Online

  • © Preqin Ltd. 2018 / www.preqin.com22

    PREQIN SPECIAL REPORT: TOP PERFORMING HEDGE FUNDS IN 2017

    ASIA-PACIFIC

    Fig. 42: Net Returns of Top Performing Asia-Pacific-Based Hedge Funds in 2017

    Rank Fund Core Strategy Manager Headquarters Net Return in 2017 (%)

    1 Northwest Warrant Fund - Class A Long BiasNorthwest Investment

    Management (Hong Kong)Hong Kong 216.68

    2 Vulpes Life Sciences Fund - Class A Multi-Strategy Vulpes Investment Management Singapore 190.03

    3 CSV China Opportunities Fund Long/Short Equity CSV Capital Partners China 108.79

    4Greenwoods ‘A’ Share Opportunities Master Fund - Class B

    Long/Short Equity Greenwoods Asset Management Hong Kong 73.80

    5 Redart Focus Fund Value-Oriented Redart Capital India 73.51

    Source: Preqin Hedge Fund Online

    Fig. 43: Net Returns of Top Performing Asia-Pacific-Based Hedge Funds, January 2015 - December 2017

    Rank Fund Core Strategy Manager HeadquartersAnnualized Net Return,

    2015-2017 (%)

    1L1 Capital Long Short (US Feeder) Fund - Wholesale Class

    Long/Short Equity L1 Capital Australia 39.98

    2 Brilliant Partners Master Fund Long/Short Equity Brilliance Capital Management Hong Kong 28.79

    3 Cyan C3G Fund Long Bias Cyan Investment Management Australia 27.46

    4Greenwoods ‘A’ Share Opportunities Master Fund - Class B

    Long/Short Equity Greenwoods Asset Management Hong Kong 26.94

    5 CSV China Opportunities Fund Long/Short Equity CSV Capital Partners China 24.11

    6 Tairen China Fund Long/Short Equity Tairen Capital Hong Kong 23.28

    7 Fujiwara Global Fund - USD Class Multi-StrategyFujiwara Vietbridge Capital

    AdvisorsSingapore 22.99

    8Sanchi Credit Value Fund SP - Share Class A1

    Fixed Income Ariana Investment Management Singapore 22.75

    9 Yangtze Fund III Value-Oriented MegaTrust Investments China 22.49

    10 Yangtze Fund II Value-Oriented MegaTrust Investments China 22.47

    Source: Preqin Hedge Fund Online

    Fig. 41: Net Returns of Top Performing Europe-Based Hedge Funds, January 2015 - December 2017

    Rank Fund Core Strategy Manager HeadquartersAnnualized Net Return,

    2015-2017 (%)

    1 Global Advisors Bitcoin Investment Fund Cryptocurrency Global Advisors Jersey 116.30

    2 Accendo Capital - A Share Class Event Driven Accendo Capital Luxembourg 33.99

    3Montreux Natural Resources Fund - Class A (USD)

    Commodities Montreux Capital Management Switzerland 32.80

    4 Teleios Global Opportunities Fund, Ltd Event Driven Teleios Capital Partners Switzerland 26.14

    5 UFG Russia Select Fund Class A Long Bias UFG Asset Management Russia 25.29

    6 Specialised Russian Growth Fund Long Bias SPRING Russia 24.67

    7 Kairos Pegasus - E1 Event Driven Kairos Investment Management UK 22.72

    8 Montreux Healthcare Fund - Class D1 (GBP) Sector-Focused Montreux Capital Management Switzerland 22.58

    9 AAM Absolute Return Fund - Class B (NOK) Long/Short Equity Oslo Asset Management Norway 22.37

    10Global Special Situations Fund - S Acc Net GBP

    Special Situations Investec Asset Management UK 19.27

    Source: Preqin Hedge Fund Online

  • 23

    PREQIN SPECIAL REPORT: TOP PERFORMING HEDGE FUNDS IN 2017

    REST OF WORLD

    Fig. 44: Net Returns of Top Performing Rest of World-Based Hedge Funds in 2017

    Rank Fund Core Strategy Manager Headquarters Net Return in 2017 (%)

    1 Atyant Capital India Fund-I Long Bias Atyant Capital Mauritius 79.87

    2 Steyn Capital Africa Fund Value-Oriented Steyn Capital Management South Africa 66.01

    3Passage to India Opportunity Fund (Cayman) - A Shares

    Value-Oriented Arcstone Capital Mauritius 49.56

    4 India Capital Fund - A Shares Long/Short Equity India Capital Management Mauritius 48.59

    5 India Insight Value Fund Value-Oriented Fair Value Capital Management Mauritius 47.00

    Source: Preqin Hedge Fund Online

    Fig. 45: Net Returns of Top Performing Rest of World-Based Hedge Funds, January 2015 - December 2017

    Rank Fund Core Strategy Manager HeadquartersAnnualized Net Return,

    2015-2017 (%)

    1 Praesidium SA Hedge Fund Long/Short Equity Praesidium Capital Management South Africa 40.05

    2 Atyant Capital India Fund-I Long Bias Atyant Capital Mauritius 39.41

    3 SPX Raptor Feeder Macro SPX Capital Brazil 31.49

    4 Optis Global Opportunities Fund Long/Short Equity Optis Capital South Africa 24.54

    5 3G Radar 1080 Long Bias 3G Radar Brazil 24.13

    6 Oceana Selection FIA Value-Oriented Oceana Investimentos Brazil 23.72

    7 Kapitalo Zeta FIQ FIM Multi-Strategy Kapitalo Investimentos Brazil 23.43

    8 3G Radar Fund Long Bias 3G Radar Brazil 22.95

    9 India Insight Value Fund Value-Oriented Fair Value Capital Management Mauritius 21.92

    10 Fides Absoluto Long Bias Fides Asset Management Brazil 21.60

    Source: Preqin Hedge Fund Online

  • TOP PERFORMING HEDGE FUNDS BY

    GEOGRAPHIC FOCUS

  • 25

    PREQIN SPECIAL REPORT: TOP PERFORMING HEDGE FUNDS IN 2017

    NORTH AMERICA

    Fig. 46: Net Returns of Top Performing North America-Focused Hedge Funds in 2017

    Rank Fund Core Strategy Manager Headquarters Net Return in 2017 (%)

    1 SH Capital Partners, L.P. Long BiasStone House Capital

    Management, LLCUS 234.09

    2 Bulle Rock Partners - Class A Long/Short Equity Bulle Rock Capital US 94.82

    3 AlphaNorth Partners Fund - Class A Long Bias AlphaNorth Asset Management Canada 69.28

    4ACM Market Neutral Volatility Strategy Fund LP

    Niche Apis Capital Management US 66.24

    5KeyPoint Concentrated Real Estate Opportunity Fund

    Long/Short Equity KeyPoint Capital Management US 63.08

    Source: Preqin Hedge Fund Online

    Fig. 47: Net Returns of Top Performing North America-Focused Hedge Funds, January 2015 - December 2017

    Rank Fund Core Strategy Manager HeadquartersAnnualized Net Return,

    2015-2017 (%)

    1 Teraz Fund Long/Short Equity Spartan Fund Management Canada 33.64

    2 LSQ Fund Long/Short Equity Spartan Fund Management Canada 31.90

    3 Deer Creek Fund Long Bias Deer Creek Capital Partners US 31.38

    4 Rosseau Fund Special Situations Rosseau Asset Management Canada 28.24

    5 Mendon Capital LLC Long/Short Equity RMB Capital Management US 27.04

    6 Financial Opportunity Fund LLC Long Bias FJ Capital Management US 23.27

    7 Sosin Partners Long/Short Equity CAS Investment Partners, LLC US 22.43

    8 SQN Investors Master Fund Value-Oriented SQN Investors US 21.35

    9 Primevestfund - Class A Special Situations Primevest Capital Corp Canada 20.01

    10 Gondor Partners, LP Equity Market Neutral Gondor Capital Management US 19.60

    Source: Preqin Hedge Fund Online

    EUROPE

    Fig. 48: Net Returns of Top Performing Europe-Focused Hedge Funds in 2017

    Rank Fund Core Strategy Manager Headquarters Net Return in 2017 (%)

    1 Kairos Pegasus - E1 Event Driven Kairos Investment Management UK 54.47

    2 Northglen Aggressive SP Long Bias Slater Investments UK 42.22

    3 Horseman European Select Fund Ltd - USD Long/Short Equity Horseman Capital Management UK 39.45

    4 Cleargate Europe Opportunities Fund Long Bias Cleargate Capital US 34.38

    5Montreux Healthcare Fund - Class D1 (GBP)

    Sector-Focused Montreux Capital Management Switzerland 31.53

    Source: Preqin Hedge Fund Online

  • © Preqin Ltd. 2018 / www.preqin.com26

    PREQIN SPECIAL REPORT: TOP PERFORMING HEDGE FUNDS IN 2017

    Fig. 49: Net Returns of Top Performing Europe-Focused Hedge Funds, January 2015 - December 2017

    Rank Fund Core Strategy Manager HeadquartersAnnualized Net Return,

    2015-2017 (%)

    1 Accendo Capital - A Share Class Event Driven Accendo Capital Luxembourg 33.99

    2 Teleios Global Opportunities Fund, Ltd Event Driven Teleios Capital Partners Switzerland 26.14

    3 Kairos Pegasus - E1 Event Driven Kairos Investment Management UK 22.72

    4Montreux Healthcare Fund - Class D1 (GBP)

    Sector-Focused Montreux Capital Management Switzerland 22.58

    5 AAM Absolute Return Fund - Class B (NOK) Long/Short Equity Oslo Asset Management Norway 22.37

    6 Northglen Aggressive SP Long Bias Slater Investments UK 17.83

    7Parvus European Absolute Opportunities Fund

    Long/Short Equity Parvus Asset Management UK 17.07

    8 Trias L/S Fund - EUR Class Long/Short Equity Entrepreneur Partners Switzerland 15.89

    9 Serone Key Opportunities Fund - A USD Specialist Credit Serone Capital Management UK 15.68

    10 CSS Alpha Fund - Class A GBP Long/Short Credit Charles Street Securities Europe UK 15.58

    Source: Preqin Hedge Fund Online

    ASIA-PACIFIC

    Fig. 50: Net Returns of Top Performing Asia-Pacific-Focused Hedge Funds in 2017

    Rank Fund Core Strategy Manager Headquarters Net Return in 2017 (%)

    1 Northwest Warrant Fund - Class A Long BiasNorthwest Investment

    Management (Hong Kong)Hong Kong 216.68

    2 Atyant Capital India Fund-I Long Bias Atyant Capital Mauritius 79.87

    3Greenwoods ‘A’ Share Opportunities Master Fund - Class B

    Long/Short Equity Greenwoods Asset Management Hong Kong 73.80

    4 Redart Focus Fund Value-Oriented Redart Capital India 73.51

    5UG Hidden Dragon Special Opportunity Fund - Class A

    Multi-Strategy UG Investment Advisers Taiwan 70.51

    Source: Preqin Hedge Fund Online

    Fig. 51: Net Returns of Top Performing Asia-Pacific-Focused Hedge Funds, January 2015 - December 2017

    Rank Fund Core Strategy Manager HeadquartersAnnualized Net Return,

    2015-2017 (%)

    1 Atyant Capital India Fund-I Long Bias Atyant Capital Mauritius 39.41

    2 Brilliant Partners Master Fund Long/Short Equity Brilliance Capital Management Hong Kong 28.79

    3 Cyan C3G Fund Long Bias Cyan Investment Management Australia 27.46

    4Greenwoods ‘A’ Share Opportunities Master Fund - Class B

    Long/Short Equity Greenwoods Asset Management Hong Kong 26.94

    5 India Insight Value Fund Value-Oriented Fair Value Capital Management Mauritius 21.92

    6 Paragon Australian Long Short Fund Long/Short Equity Paragon Funds Management Australia 21.43

    7 KS Asia Absolute Return Fund IC Multi-Strategy Gen2 Partners Hong Kong 21.14

    8 GH China Century Offshore Feeder Fund Long/Short Equity LyGH Capital Singapore 20.29

    9Rosalind Capital Partners - Class A Master Series

    Event Driven Rosalind Advisors Canada 20.08

    10 Black Crane Asia Opportunities Fund Event Driven Black Crane Capital Hong Kong 20.01

    Source: Preqin Hedge Fund Online

  • 27

    PREQIN SPECIAL REPORT: TOP PERFORMING HEDGE FUNDS IN 2017

    EMERGING MARKETS

    Fig. 52: Net Returns of Top Performing Emerging Markets-Focused Hedge Funds in 2017

    Rank Fund Core Strategy Manager Geographic Focus Headquarters Net Return in 2017 (%)

    1 CSV China Opportunities Fund Long/Short Equity CSV Capital Partners Asia China 108.79

    2 Golden China Plus Fund Value-OrientedGreenwoods Asset

    ManagementAsia Hong Kong 72.24

    3 Steyn Capital Africa Fund Value-Oriented Steyn Capital Management Africa South Africa 66.01

    4 ASEAN Deep Value Fund - Class A Long BiasASEAN Investment

    ManagementAsia Hong Kong 63.86

    5 Chinese Mainland Focus Fund Long Bias Value Partners Asia Hong Kong 61.33

    Source: Preqin Hedge Fund Online

    Fig. 53: Net Returns of Top Performing Emerging Markets-Focused Hedge Funds, January 2015 - December 2017

    Rank Fund Core Strategy Manager Geographic Focus HeadquartersAnnualized Net Return,

    2015-2017 (%)

    1 Praesidium SA Hedge Fund Long/Short EquityPraesidium Capital

    ManagementAfrica South Africa 40.05

    2 Adar Macro Fund - A Macro Adar Capital Partners Latin AmericaCayman Islands

    31.53

    3 UFG Russia Select Fund Class A Long Bias UFG Asset ManagementRussia & Eastern

    EuropeRussia 25.29

    4 Specialised Russian Growth Fund Long Bias SPRINGRussia & Eastern

    EuropeRussia 24.67

    5 3G Radar 1080 Long Bias 3G Radar Latin America Brazil 24.13

    6 CSV China Opportunities Fund Long/Short Equity CSV Capital Partners Asia China 24.11

    7 Tairen China Fund Long/Short Equity Tairen Capital Asia Hong Kong 23.28

    8 3G Radar Fund Long Bias 3G Radar Latin America Brazil 22.95

    9 Yangtze Fund III Value-Oriented MegaTrust Investments Asia China 22.49

    10 Yangtze Fund II Value-Oriented MegaTrust Investments Asia China 22.47

    Source: Preqin Hedge Fund Online

  • TOP PERFORMING HEDGE FUNDS BY FUND SIZE

  • 29

    PREQIN SPECIAL REPORT: TOP PERFORMING HEDGE FUNDS IN 2017

    Fig. 54: Net Returns of Top Performing Hedge Funds in 2017 with Less than $100mn in Assets under Management

    Rank Fund Core Strategy Fund Assets under Management Manager Headquarters Net Return in 2017 (%)

    1 SH Capital Partners, L.P. Long Bias $93mn as at 31 October 2017Stone House Capital

    Management, LLCUS 234.09

    2Northwest Warrant Fund - Class A

    Long Bias $7mn as at 30 November 2017Northwest Investment

    Management (Hong Kong)

    Hong Kong 216.68

    3Vulpes Life Sciences Fund - Class A

    Multi-Strategy $98mn as at 31 December 2017Vulpes Investment

    ManagementSingapore 190.03

    4 Green Energy Metals Fund Commodities $42mn as at 31 December 2017 Portal Capital US 135.04

    5 EIA All Weather Alpha Fund IRelative Value

    Arbitrage$1mn as at 31 December 2017

    EIA Alpha Partners Fund Management

    US 117.25

    Source: Preqin Hedge Fund Online

    Fig. 55: Net Returns of Top Performing Hedge Funds with Less than $100mn in Assets under Management, January 2015 - December 2017

    Rank Fund Core Strategy Fund Assets under Management Manager HeadquartersAnnualized Net Return,

    2015-2017 (%)

    1 Praesidium SA Hedge FundLong/Short

    Equity$33mn as at 31 December 2017

    Praesidium Capital Management

    South Africa 40.05

    2 Extract Capital Master Fund Multi-Strategy $75mn as at 31 December 2017 Extract Capital US 35.79

    3Accendo Capital - A Share Class

    Event Driven $97mn as at 31 December 2017 Accendo Capital Luxembourg 33.99

    4Fourthstone Opportunity Master Fund

    Long/Short Equity

    $65mn as at 31 December 2017 Fourthstone US 33.12

    5 Green Energy Metals Fund Commodities $42mn as at 31 December 2017 Portal Capital US 32.88

    6Montreux Natural Resources Fund - Class A (USD)

    Commodities $45mn as at 31 October 2017Montreux Capital

    ManagementSwitzerland 32.80

    7 Deer Creek Fund Long Bias $10mn as at 31 December 2017Deer Creek Capital

    PartnersUS 31.38

    8Summit Premium Plus Fund, LP

    Long Bias $10mn as at 31 December 2017 SCC Capital Group US 27.54

    9 Prism Partners, L.P. - Class BLong/Short

    Equity$71mn as at 31 December 2017 Delta Partners, LP US 27.07

    10 Loyola Capital Partners Long Bias $62mn as at 31 December 2017Loyola Capital Management

    US 26.04

    Source: Preqin Hedge Fund Online

    Fig. 56: Net Returns of Top Performing Hedge Funds in 2017 with $100-499mn in Assets under Management

    Rank Fund Core Strategy Fund Assets under Management Manager Headquarters Net Return in 2017 (%)

    1 Silver 8 Partners Multi-Strategy $271mn as at 31 December 2017 Silver 8 Capital US 770.74

    2 Pabrai Investment Fund 3Long/Short

    Equity$213mn as at 31 December 2017

    Pabrai Investment Funds

    US 109.24

    3 Atyant Capital India Fund-I Long Bias $108mn as at 31 December 2017 Atyant Capital Mauritius 79.87

    4 Steyn Capital Africa Fund Value-Oriented $203mn as at 31 December 2017Steyn Capital Management

    South Africa 66.01

    5 Chinese Mainland Focus Fund Long Bias $170mn as at 31 December 2017 Value Partners Hong Kong 61.33

    Source: Preqin Hedge Fund Online

  • © Preqin Ltd. 2018 / www.preqin.com30

    PREQIN SPECIAL REPORT: TOP PERFORMING HEDGE FUNDS IN 2017

    Fig. 57: Net Returns of Top Performing Hedge Funds with $100-499mn in Assets under Management, January 2015 - December 2017

    Rank Fund Core Strategy Fund Assets under Management Manager HeadquartersAnnualized Net Return,

    2015-2017 (%)

    1 Atyant Capital India Fund-I Long Bias $108mn as at 31 December 2017 Atyant Capital Mauritius 39.41

    2 Mendon Capital LLC Long/Short Equity $285mn as at 31 December 2017RMB Capital

    ManagementUS 27.04

    3 Oceana Selection FIA Value-Oriented $283mn as at 31 December 2017 Oceana Investimentos Brazil 23.72

    4 Kapitalo Zeta FIQ FIM Multi-Strategy $340mn as at 31 December 2017 Kapitalo Investimentos Brazil 23.43

    5 Kairos Pegasus - E1 Event Driven $349mn as at 31 December 2017Kairos Investment

    ManagementUK 22.72

    6Montreux Healthcare Fund - Class D1 (GBP)

    Sector-Focused $169mn as at 31 November 2017Montreux Capital

    ManagementSwitzerland 22.58

    7 Sosin Partners Long/Short Equity $189mn as at 31 December 2017CAS Investment

    Partners, LLCUS 22.43

    8 Pabrai Investment Fund 3 Long/Short Equity $213mn as at 31 December 2017 Pabrai Investment Funds US 21.26

    9 Oceana Long Biased FIA Long Bias $207mn as at 31 December 2017 Oceana Investimentos Brazil 21.25

    10KS Asia Absolute Return Fund IC

    Multi-Strategy $237mn as at 31 December 2017 Gen2 Partners Hong Kong 21.14

    Source: Preqin Hedge Fund Online

    Fig. 58: Net Returns of Top Performing Hedge Funds in 2017 with $500-999mn in Assets under Management

    Rank Fund Core Strategy Fund Assets under Management Manager Headquarters Net Return in 2017 (%)

    1UG Hidden Dragon Special Opportunity Fund - Class A

    Multi-Strategy $810mn as at 31 December 2017 UG Investment Advisers Taiwan 70.51

    2Brilliant Partners Master Fund

    Long/Short Equity $506mn as at 31 December 2017Brilliance Capital

    ManagementHong Kong 53.36

    3Rhenman Healthcare Equity Long Short Fund - IC2 USD

    Long/Short Equity $632mn as at 31 December 2017Rhenman & Partners Asset Management

    Sweden 51.24

    4Friedberg Global Macro Hedge Fund

    Macro $566mn as at 31 December 2017Friedberg Mercantile

    GroupCanada 36.48

    5L1 Capital Long Short (US Feeder) Fund - Wholesale Class

    Long/Short Equity $834mn as at 31 December 2017 L1 Capital Australia 31.40

    Source: Preqin Hedge Fund Online

    Fig. 59: Net Returns of Top Performing Hedge Funds with $500-999mn in Assets under Management, January 2015 - December 2017

    Rank Fund Core Strategy Fund Assets under Management Manager HeadquartersAnnualized Net Return,

    2015-2017 (%)

    1L1 Capital Long Short (US Feeder) Fund - Wholesale Class

    Long/Short Equity $835mn as at 31 December 2017 L1 Capital Australia 39.98

    2 SPX Raptor Feeder Macro $622mn as at 31 December 2017 SPX Capital Brazil 31.49

    3 Brilliant Partners Master Fund Long/Short Equity $506mn as at 31 December 2017Brilliance Capital

    ManagementHong Kong 28.79

    4 Financial Opportunity Fund LLC Long Bias $503mn as at 31 December 2017FJ Capital

    ManagementUS 23.27

    5 SPX Nimitz Feeder Macro $949mn as at 31 December 2017 SPX Capital Brazil 20.87

    6UG Hidden Dragon Special Opportunity Fund - Class A

    Multi-Strategy $810mn as at 31 December 2017UG Investment

    AdvisersTaiwan 19.43

    7 Platinum Japan Fund - Class C Long/Short Equity $642mn as at 31 December 2017Platinum Asset Management

    Australia 19.39

    8 Mangrove Partners Master Fund Opportunistic $903mn as at 31 December 2017Mangrove Partners

    US 17.42

    9Platinum International Brands Fund - Class C

    Long/Short Equity $702mn as at 31 December 2017Platinum Asset Management

    Australia 15.22

    10Platinum European Fund - Class C

    Long/Short Equity $680mn as at 31 December 2017Platinum Asset Management

    Australia 15.09

    Source: Preqin Hedge Fund Online

  • 31

    PREQIN SPECIAL REPORT: TOP PERFORMING HEDGE FUNDS IN 2017

    Fig. 60: Net Returns of Top Performing Hedge Funds in 2017 with $1bn or More in Assets under Management

    Rank Fund Core Strategy Fund Assets under Management Manager Headquarters Net Return in 2017 (%)

    1Value Partners Classic Fund - C Units (RMB) Hedged

    Long/Short Equity $1,574mn as at 31 December 2017 Value Partners Hong Kong 49.12

    2Coronation Global Emerging Markets Fund - Class P

    Long Bias $1,830mn as at 31 December 2017Coronation

    InternationalSouth Africa 38.88

    3Quantedge Global Fund - Class B

    Macro $1,681mn as at 31 December 2017 Quantedge Capital Singapore 38.36

    4 Platinum Asia Fund - C Class Long/Short Equity $3,966mn as at 31 December 2017Platinum Asset Management

    Australia 34.90

    5 Adar Macro Fund - A Macro $1,212mn as at 31 December 2017 Adar Capital PartnersCayman Islands

    34.47

    Source: Preqin Hedge Fund Online

    Fig. 61: Net Returns of Top Performing Hedge Funds with $1bn or More in Assets under Management, January 2015 - December 2017

    Rank Fund Core Strategy Fund Assets under Management Manager HeadquartersAnnualized Net Return,

    2015-2017 (%)

    1 Adar Macro Fund - A Macro $1,212mn as at 31 December 2017Adar Capital

    PartnersCayman Islands

    31.53

    2Contrarian Emerging Markets, L.P.

    Event Driven $1,167mn as at 31 December 2017Contrarian Capital

    ManagementUS 18.96

    3Renaissance Institutional Equities Fund - Series B

    Long Bias $21,816mn as at 31 December 2017Renaissance Technologies

    US 17.99

    4Pharo Gaia Fund - Series 1 Class A Shares

    Macro $4,259mn as at 31 December 2017 Pharo Management UK 16.20

    5Allan Gray Australia Equity Fund - Class A

    Long Bias $1,200mn as at 31 December 2017 Allan Gray Australia 14.87

    6Orbis Institutional Global Equity Fund - Investor Share Class

    Long/Short Equity $1,301mn as at 31 December 2017Orbis Investment

    ManagementBermuda 13.87

    7 HMI Capital Partners - A Long Bias $1,243mn as at 31 December 2017 HMI Capital US 13.66

    8 US Equity Opportunities 130/30 $1,037mn as at 31 December 2017 MacKay Shields US 13.34

    9PIMCO Commodity Alpha Fund

    Relative Value Arbitrage

    $1,523mn as at 31 December 2017 PIMCO US 12.88

    10Quantedge Global Fund - Class B

    Macro $1,681mn as at 31 December 2017 Quantedge Capital Singapore 12.78

    Source: Preqin Hedge Fund Online

  • TOP PERFORMING FUNDS OF HEDGE FUNDS

  • 33

    PREQIN SPECIAL REPORT: TOP PERFORMING HEDGE FUNDS IN 2017

    Fig. 62: Net Returns of Top Performing Single-Strategy Funds of Hedge Funds in 2017

    Rank Fund Core Strategy Manager Headquarters Net Return in 2017 (%)

    1 Indus Fund LLC Long Bias Chinus Asset Management US 37.20

    2 Chinus Fund LLC Long Bias Chinus Asset Management US 35.10

    3Penjing Asia Opportunities Fund SPC - Beta Select SP - Class A

    Long Bias Penjing Asset Management Hong Kong 33.05

    4 Asius Fund I LLC Long Bias Chinus Asset Management US 30.64

    5 Penjing Asia Equity Fund - Class A Long/Short Equity Penjing Asset Management Hong Kong 29.95

    6 Asius Fund I Ltd Long Bias Chinus Asset Management US 29.86

    7 Asian Capital Holdings - Share Class A (USD) Long/Short EquityEdmond de Rothschild Capital

    HoldingsUK 28.22

    8 ABS Emerging Markets Portfolio - Class C1 Long/Short Equity ABS Investment Management US 26.12

    9 StoneWater Capital Asia (Ex-Japan) Long Bias Berens Capital Management US 26.06

    10 Galileo Pacific Fund - Class X CHF Long/Short Equity Bellecapital Partners Switzerland 25.53

    Source: Preqin Hedge Fund Online

    Fig. 63: Net Returns of Top Performing Single-Strategy Funds of Hedge Funds, January 2015 - December 2017

    Rank Fund Core Strategy Manager HeadquartersAnnualized Net Return,

    2015-2017 (%)

    1Penjing Asia Opportunities Fund SPC - Beta Select SP - Class A

    Long Bias Penjing Asset Management Hong Kong 16.29

    2 BP Partners Large Cap Plus Niche Benchmark Plus Management US 14.76

    3 Kondor MAX FIQ FIM Macro Kondor Invest Brazil 12.20

    4King Tide NZ/Australian Long/Short Equity Fund - NZD

    Long/Short Equity King Tide Asset Management New Zealand 11.58

    5 Chinus Fund LLC Long Bias Chinus Asset Management US 11.07

    6 Agenta Globala Aktier Long/Short Equity Agenta Investment Management Sweden 10.69

    7 Accumulus Emerging Manager Fund LP Long/Short Equity Accumulus Capital Management US 10.28

    = Affluence Investment Fund Long/Short Equity Affluence Funds Management Australia 10.28

    9 Indus Fund LLC Long Bias Chinus Asset Management US 10.02

    10Benchmark Plus Long Short Partners Real Equity

    Long/Short Equity Benchmark Plus Management US 8.69

    Source: Preqin Hedge Fund Online

    Fig. 64: Net Returns of Top Performing Multi-Strategy Funds of Hedge Funds in 2017

    Rank Fund Core Strategy Manager Headquarters Net Return in 2017 (%)

    1 Turbo Multi-Strategy - Class D1 Diversified James River Capital Corp. US 31.81

    2 Shaked Opportunity Fund Diversified Shaked Capital Advisors US 24.94

    3 BP Institutional Partners Large Cap Plus Diversified Benchmark Plus Management US 22.02

    4 Agenta Tillväxtmarknader Diversified Agenta Investment Management Sweden 20.93

    5 Reichmuth Himalaja - Himalaja USD Diversified Reichmuth & Co. Switzerland 20.54

    6Leveraged Capital Holdings - Class G (Gold Class)

    DiversifiedEdmond de Rothschild Capital

    HoldingsUK 17.76

    7 HAR Investors 2 DiversifiedAlternative Investment

    ManagementUS 17.29

    8Asia Alpha Fund - Class A Participating Shares

    DiversifiedUOB Alternative Investment

    ManagementSingapore 16.97

    9 Syncona Limited Diversified Syncona UK 16.81

    10 Islandbridge Opportunities Fund - Class S Diversified Islandbridge Capital UK 16.00

    Source: Preqin Hedge Fund Online

  • © Preqin Ltd. 2018 / www.preqin.com34

    PREQIN SPECIAL REPORT: TOP PERFORMING HEDGE FUNDS IN 2017

    Fig. 65: Net Returns of Top Performing Multi-Strategy Funds of Hedge Funds, January 2015 - December 2017

    Rank Fund Core Strategy Manager HeadquartersAnnualized Net Return,

    2015-2017 (%)

    1 DEX Hedge FIC FIM Diversified DEX Capital Gestão de Recursos Brazil 14.54

    2 BP Institutional Partners Large Cap Plus Diversified Benchmark Plus Management US 13.90

    3 West Mountain Partners, LP Diversified West Mountain US 11.58

    4 Syncona Limited Diversified Syncona UK 10.62

    5 NWQ Fiduciary Fund - Wholesale A Diversified NWQ Capital Management Australia 10.40

    6 Agenta Tillväxtmarknader Diversified Agenta Investment Management Sweden 9.96

    7 Shaked Opportunity Fund Diversified Shaked Capital Advisors US 9.82

    8 Premium Offensiv Diversified Swedbank Robur Sweden 9.30

    9 Lege Artis Fund - G CHF Diversified Progressive Capital Partners Switzerland 8.61

    10Asia Alpha Fund - Class A Participating Shares

    DiversifiedUOB Alternative Investment

    ManagementSingapore 8.37

    Source: Preqin Hedge Fund Online

  • TOP PERFORMING CTAs

  • © Preqin Ltd. 2018 / www.preqin.com36

    PREQIN SPECIAL REPORT: TOP PERFORMING HEDGE FUNDS IN 2017

    Fig. 66: Net Returns of Top Performing CTAs in 2017

    Rank Fund Core Strategy Manager Headquarters Net Return in 2017 (%)

    1 Roy G. Niederhoffer Optimal Alpha Program Managed Futures/CTAR.G. Niederhoffer Capital

    ManagementUS 81.30

    2 Investment Program 1 Managed Futures/CTA QQFund.com US 59.85

    3 ALPHA Z Futures Fund Managed Futures/CTA Alpha Z Advisors US 56.77

    4 Brandywine Symphony Preferred Fund Managed Futures/CTA Brandywine Asset Management US 55.91

    5 Superfund Green Master - Class A Managed Futures/CTA Superfund Austria 46.83

    6 Superfund Green - Gold Managed Futures/CTA Superfund Austria 43.42

    7 International Equity Plus Trading Program Managed Futures/CTA Schindler Trading US 38.20

    8 Dutch Darlings Fund Managed Futures/CTA Elite Fund Management Netherlands 36.80

    9 Elizaville Partners Managed Futures/CTAAnsbacher Investment

    ManagementUS 34.57

    10 Advanced Ag Futures Trading Program Managed Futures/CTA Opus Futures US 32.72

    Source: Preqin Hedge Fund Online

    Fig. 67: Net Returns of Top Performing CTAs, January 2015 - December 2017

    Rank Fund Core Strategy Manager HeadquartersAnnualized Net Return,

    2015-2017 (%)

    1 ALPHA Z Futures Fund Managed Futures/CTA Alpha Z Advisors US 74.23

    2 Navajo Managed Futures/CTA White Indian Trading Company US 26.99

    3 LJM Aggressive Strategy Managed Futures/CTA LJM Partners US 23.30

    4 Dutch Darlings Fund Managed Futures/CTA Elite Fund Management Netherlands 23.19

    5 Roy G. Niederhoffer Optimal Alpha Program Managed Futures/CTAR.G. Niederhoffer Capital

    ManagementUS 21.62

    6 Tianyou Fund Managed Futures/CTA Tianyou Asset Management US 19.53

    7 LJM Moderately Aggressive Strategy Managed Futures/CTA LJM Partners US 19.11

    8 Edelweiss Volatility Fund - P NOK Managed Futures/CTA Progressive Capital Partners Switzerland 18.71

    9 Alternative Hedge Energy Managed Futures/CTA White Indian Trading Company US 18.48

    10 HiProb-I Managed Futures/CTA HiProb Capital Management US 18.34

    Source: Preqin Hedge Fund Online

    Fig. 68: Most Consistent Top Performing CTAs over Three Years, January 2015 - December 2017

    Rank Fund Core Strategy Manager Headquarters Consistency Score

    1 Tianyou Fund Managed Futures/CTA Tianyou Asset Management US 99.0

    2 HiProb-I Managed Futures/CTA HiProb Capital Management US 97.7

    3 Spectra SPC Power Fund - Class A Managed Futures/CTA STI Asset Management Hong Kong 96.1

    4 Carbide Absolute Return Managed Futures/CTA Carbide Capital US 95.6

    5Volatility Capture Futures - Retirement Eligible

    Managed Futures/CTA McMillan Asset Management US 94.6

    6 Fenja FUND Multi Strategy Managed Futures/CTA Fenja Funds Austria 93.4

    7 LJM Moderately Aggressive Strategy Managed Futures/CTA LJM Partners US 93.0

    = LJM Preservation and Growth Strategy Managed Futures/CTA LJM Partners US 93.0

    9 Systematic FX Fund Managed Futures/CTA AE Capital Australia 91.2

    10 Wisdom Capital Asset Management Fund Managed Futures/CTAWisdom Capital Asset

    ManagementUS 90.7

    Source: Preqin Hedge Fund Online

  • 37

    PREQIN SPECIAL REPORT: TOP PERFORMING HEDGE FUNDS IN 2017

    Fig. 69: Most Consistent Top Performing CTAs over Five Years, January 2013 - December 2017

    Rank Fund Core Strategy Manager Headquarters Consistency Score

    1 HiProb-I Managed Futures/CTA HiProb Capital Management US 98.2

    2 Spectra SPC Power Fund - Class A Managed Futures/CTA STI Asset Management Hong Kong 97.1

    3 Wisdom Capital Asset Management Fund Managed Futures/CTAWisdom Capital Asset

    ManagementUS 95.0

    4Volatility Capture Futures - Retirement Eligible

    Managed Futures/CTA McMillan Asset Management US 94.8

    5 Systematic FX Fund Managed Futures/CTA AE Capital Australia 93.6

    6 Goldman Navigator Fund Managed Futures/CTA Goldman Management US 93.4

    7 Global Sigma Plus Managed Futures/CTA Global Sigma Group US 93.2

    8 Diamond Enhanced S&P Program Managed Futures/CTA Diamond Capital Management US 92.1

    9Sunrise U.S. Equity Optimized Growth Program

    Managed Futures/CTA Sunrise Capital Partners US 92.0

    10 Tianyou Fund Managed Futures/CTA Tianyou Asset Management US 90.9

    Source: Preqin Hedge Fund Online

  • TOP PERFORMING LIQUID ALTERNATIVE FUNDS

  • 39

    PREQIN SPECIAL REPORT: TOP PERFORMING HEDGE FUNDS IN 2017

    Fig. 70: Net Returns of Top Performing Alternative Mutual Funds in 2017

    Rank Fund Core Strategy Manager Headquarters Net Return in 2017 (%)

    1Value Partners Hedge Fund, LLC (US On-Shore Feeder)

    Long/Short Equity Value Partners Hong Kong 49.31

    2 Clough China Fund - Class I Long Bias Clough Capital Partners L.P. US 41.44

    3Biotechnology UltraSector ProFund - Investor Class

    Long/Short Equity ProFund Advisors US 34.64

    4Consumer Services UltraSector ProFund - Investor Class

    Long/Short Equity ProFund Advisors US 32.90

    5 Catalyst Macro Strategy Fund - Class I Macro Catalyst Funds US 28.30

    Source: Preqin Hedge Fund Online

    Fig. 71: Net Returns of Top Performing Alternative Mutual Funds, January 2015 - December 2017

    Rank Fund Core Strategy Manager HeadquartersAnnualized Net Return,

    2015-2017 (%)

    1Consumer Services UltraSector ProFund - Investor Class

    Long/Short Equity ProFund Advisors US 14.60

    2Catalyst/Millburn Hedge Strategy Fund - Class I

    Multi-Strategy Catalyst Funds US 12.25

    3Value Partners Hedge Fund, LLC (US On-Shore Feeder)

    Long/Short Equity Value Partners Hong Kong 11.34

    4 Eaton Vance Macro Partners Fund Macro Eaton Vance Management US 10.58

    5 AQR International Equity Fund - Class R6 Long/Short Equity AQR Capital Management US 9.86

    Source: Preqin Hedge Fund Online

    Fig. 72: Net Returns of Top Performing UCITS Hedge Funds in 2017

    Rank Fund Core Strategy Manager Headquarters Net Return in 2017 (%)

    1Vitruvius Greater China Equity Portfolio - BI (USD)

    Long Bias Belgrave Capital Management UK 82.35

    2Plurima CSV China Opportunities - Institutional USD

    Long/Short EquityEuropean and Global

    InvestmentsIreland 67.96

    3 Greater China Equity Fund - Class I Acc USD Long/Short Equity Neuberger Berman US 66.23

    4BANOR SICAV - Greater China Long Short Equity - Class R - USD

    Long/Short Equity Banor Capital UK 61.91

    5Polar Capital UK Absolute Equity Fund - USD Class I Inc. (Hedged)

    Long/Short Equity Polar Capital Partners UK 60.20

    Source: Preqin Hedge Fund Online

    Fig. 73: Net Returns of Top Performing UCITS Hedge Funds, January 2015 - December 2017

    Rank Fund Core Strategy Manager HeadquartersAnnualized Net Return,

    2015-2017 (%)

    1 Hermes Linder Fund - Class B Value-Oriented Praude Asset Management Malta 26.58

    2Polar Capital UK Absolute Equity Fund - USD Class I Inc. (Hedged)

    Long/Short Equity Polar Capital Partners UK 24.36

    3 H2O Allegro - HGBP-I C Macro H2O Asset Management UK 22.53

    4Old Mutual UK Dynamic Equity Fund - Class R - GBP

    Long/Short Equity Old Mutual Global Investors UK 21.73

    5 H2O MultiStrategies - I-C (EUR) Macro H2O Asset Management UK 21.50

    Source: Preqin Hedge Fund Online

  • New York ■ London ■ Singapore ■ San Francisco ■ Hong Kong ■ Manila ■ Guangzhou

    [email protected]

    PREQIN SPECIAL REPORT:TOP PERFORMING HEDGE FUNDS IN 2017

    PREQIN

    More than 60,000 alternative assets professionals rely on our global data, tools, insights and intelligence to achieve their objectives:

    ■ Investors: asset allocation, manager selection and portfolio management ■ Fund managers: fundraising, portfolio monitoring and investor relations ■ Service providers and advisors: business development and in-depth market knowledge ■ The wider alternative assets industry: insight, understanding and information