The months-long surge in the ASX 200 has wrong-footed several prominent local hedge funds, with the rally pulling some long-short strategies into the red.
It’s been a rough start to the year for several prominent Australian hedge funds, who have missed out on the months-long rally that drove the sharemarket to record highs.
double-digits gains in takeover-target Altium, tech favourite WiseTech and discount jewellery retailer Lovisa. Beyond the ASX, global long-short funds have also struggled. Both Fidelity’s global long-short fund and Bronte Capital global Amalthea fund recorded moderate losses in February, despite gains across most major global benchmarks.
Hedge funds exposed to the commodity sector, however, are among the worst hit. Ausbil’s global resources fund, Paragon’s commodity-focused long-short fund and Regal’s resources long-short fund all lost more than 2 per cent in February alone and remain in the red over three months.
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