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Is Now the Time to Sell Hedge Funds?

Are investors mis-judging hedge funds?

After CalPERS became the first large investor to pull out of hedge funds in late 2014, AIG and MetLife Inc. followed suit this year by announcing their exits from hedge fund investments1. With hedge funds seemingly falling out of favor with large institutional investors, MPI asks the necessary question, “Is now the right time to pull out of hedge funds?”

Fig.1 Cumulative performance
Source: MPI Analytics

Critics of hedge funds have blasted their high fees and mediocre performance against equity benchmarks. In the post-crisis, anti-Wall Street climate, this debate has generated more heat than light. To put performance under the microscope, we plot the cumulative performance of the assetweighted DJ Credit Suisse Hedge Fund index2, net of fees, against the MSCI World Index, a broad equity benchmark, both in USD terms. The sample period we consider begins with a broad market rally in January 2003 and ends in April 2016.

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About The Hedge Fund Journal

INFORMING THE HEDGE FUND COMMUNITY With access to some of the industry’s biggest names and an astute and talented group of writers and contributors, The Hedge Fund Journal has established itself as a trusted source of information on the hedge fund industry.