More than 300 of the leading players in the global fund of hedge funds industry and their clients came together last night in the Great Hall of the British Museum in London for the annual InvestHedge Funds of Hedge Funds Awards – which celebrated the best risk adjusted performance among the global funds of hedge funds universe over a five year period.
New York-based SkyBridge also took home two global multi-strategy awards with SkyBridge Legion Strategies winning the award for funds with assets of $500 million to $1 billion, as well as the overall Fund of the Year – and SkyBridge Multi-Adviser Hedge Fund Portfolios taking the larger global multi-strategy award for funds with assets of more than $1 billion.
As at May 2013, the SkyBridge Legion Strategies Fund was heavily biased to mortgage back securities, but retained its global multi-strategy category because of its dynamic allocation to different strategies across the GMS spectrum reflecting top themes.
Its portfolio five years previously had been completely different – but was still a concentrated portfolio of best ideas and top managers, with allocations being shifted to reflect its key themes.
Evanston-based Pluscios Management won the global multi-strategy prize for FoHFs with assets of $100 million to $500 million. SkyBridge Multi-Adviser Hedge Fund Portfolios also shared the honours with Corbin Pinehurst Partners for the long term 10 Year Award for FoHFs with more than $1 billion in assets – with both firms having identical performance and a Sharpe ratio difference of 17 basis points. Persistent Edge Asia Partners Master Fund won the 10 Year Award for funds of funds with assets of $500 million to $1 billion.
Taking the 20 year view, GAM Trading won the award for funds with more than $500 million in assets – while Sire Partners won the award for the smaller manager specialists with assets of $100 million to $500 million over 20 years.
SSARIS Multi-Manager Relative Value Strategy won the arbitrage award for performance over five years, an award it also won over the same time frame in 2012. In 2013, InvestHedge re-introduced the even driven & distressed award, which was won by Antarctica Credit and Distressed Fund – although the converging boundaries between the portfolios in this category and in the fixed income and credit category, which was won by Lighthouse Credit Opportunities for the second year, were at times hard to distinguish.
Pinnacle Natural Resources won the commodities and natural resources five year award, while new entrant to the league tables Morgan Stanley AIP Global Macro picked up the award for global macro performance over the same time frame.
For the equity awards Persistent Edge China Partners funds took home the Asian and emerging markets award for the second years, while European Selection Holdings won the re-introduced European equity award. Global equity went to New York-based Optima Fund Management’s Optima Partners Focus Fund, while Magnitude continued its run by winning the US strategies award over five years with the Magnitude US Partners fund.
Of the 21 awards 17 were given to US-based firms with Corbin Capital also winning the smaller/emerging manager specialists award with its Corbin Kingsbridge Partners fund.
The institutional FoHF award for asset growth over five years went to Swiss Capital Alternative Investments for growing its assets by 199% since July 2008, while the prestigious Group of the Year award was won by Morgan Stanley Alternative Investment Partners for the best weighted outperformance, asset growth and weighted Sharpe.