To ensure that your fund is considered for the next round of nominations, performance numbers for November must be received no later than 1pm GMT on Monday 16th December.
With 10 months now gone in a very changeable year, we are delighted to announce the initial nominations for the EuroHedge Awards for 2013 – the big night when the European hedge fund industry comes together to recognise and honour the outstanding performers of the year.
The winners of the 13th annual EuroHedge Awards will be announced at a gala dinner on Thursday 23 January, to be held once again at The Grosvenor House Hotel on London’s Park Lane.
As ever, the awards will be judged on an established quantitative methodology – based primarily on Sharpe ratios and returns – to identify the best risk-adjusted performance across a range of strategies and asset classes, with the aim being to let the numbers do the talking in order to select the nominees and the eventual winners.
This has been another changeable year for hedge funds, with a powerful start across all strategies in the early months of the year petering out during the summer as markets turned volatile – with some trading strategies, such as managed futures, suffering severe reversals.
But a rebound in sentiment since September has helped generate some stellar returns in recent weeks – and many individual funds and firms have shown great skill this year in exploiting the upside, protecting capital and achieving impressive risk-adjusted returns for investors.
This is reflected in our first snapshot of the early contenders for the awards next January – with the list of initial nominees presented here based on returns for the first 10 months of the year (with November and December still to be counted).
We must stress that the lists presented here are very much provisional. Given the continuing unpredictability of performance across many strategy areas, it is very likely – and almost certain in most categories – that other funds may force themselves into contention after the November and December returns are taken into account.
At this early stage the initial lists again feature many previous winners – and many funds and firms that have won multiple nominations over the years. But there are also many newer names that feature on the shortlists – and this is before we announce our initial list of candidates for the New Fund of the Year awards, which will be unveiled next month.
To reflect the breadth and depth of the industry in Europe – and to highlight the strong performances achieved by many smaller managers – we have again decided to keep the minimum asset level for individual strategy categories at $100 million.
We are also retaining the Smaller and Emerging Manager Fund category that we first introduced three years ago – for which the minimum asset level is set at $30 million. This award aims to recognise those funds that are below the $100 million threshold and which do not quality as new funds, but whose performances would have earned them nominations in their categories if they had met the minimum size requirement.
For New Funds – which considers all those funds with performance inception dates during the 12-month period between July 2012 and June 2013 – there is also a minimum asset level that is set at $30 million.
As a result, some new funds that launched in the second half of 2012 may be candidates for a New Fund award as well as in their relevant strategy group – while those funds that started trading from July 2013 onwards will only be considered for awards in 2014.
This year, there are very few changes to the main categories. We continue to group together specialist equity strategies (including funds that focus on specific sectors and countries, or on small-cap stocks) for one award – and specialist fixed-income and credit strategies (again for those funds that focus on specific regions, countries or market sectors) for another.
We are also adding a category for UCITS hedge funds, reflecting the continued growth in the number and range of onshore hedge funds that are being launched in Europe in response to the changing regulatory and investor environment.
And we are also splitting the global equity universe into two categories, in the same way as we do for European equity – with one award for the bigger funds with assets of more than $500 million, and another for those funds managing assets of under $500 million.
For all of the individual strategy categories, we aim to stick with the same tried-and-tested methodology as in previous years – with nominations being identified from among the funds with the strongest Sharpe ratios among their peer groups (so long as they also beat the median performance in that peer group); and the winners being those with the highest returns (so long as they are within 25% of the top Sharpe).
In order to win a nomination, a fund must also be within 10% of its high-water mark that was set before the current year – so that funds are not rewarded merely for recent good performance if they have not also substantially recouped losses from earlier years.
This year, we again have two categories for Long-Term Performance – for funds in equity strategies and for those in macro, fixed/income and relative-value strategies – judged on performance over the last five years, relative to their peer groups, for funds with at least $500 million of assets.
Finally, there are the awards for Management Firm of the Year (based on a quantitative scoring system that ranks absolute and relative performance across a firm’s range of funds) and for the overall Fund of the Year.
For Fund of the Year, as is traditional, this takes into account not only those funds that win the various individual categories, but also any others with exceptional returns – and the contenders will not be announced until the evening itself, not least to avoid pre-judging the winners in other categories.
Again we stress that these provisional lists reflect the early contenders in the various categories and only include at this stage those funds that look very likely to feature on the eventual shortlists for the various awards when they are finalised.
A fuller list of updated nominations will be announced in December – once the returns for November are in – which will also include the nominations for the new funds and UCITS awards, and the final list of nominees will be confirmed as early as possible in January.
EUROHEDGE AWARDS 2013 – INITIAL NOMINATIONS
Early contenders include:
EUROPEAN EQUITY – over $500m
Adelphi Europe, Antares European, Horseman European Select, MW European TOPS, Pelham Long/Short, TT Mid-Cap Europe Long Short
EUROPEAN EQUITY – under $500m
AlphaGen Tucana, LAE Fund, Lucerne Capital, Madrague Equity Long/Short, Pegasus, RWC Samsara
GLOBAL EQUITY – over $500m
Egerton, Hengistbury, Lansdowne Developed Markets, MW Eureka, Oceanic, The Children’s Investment Fund
GLOBAL EQUITY – under $500m
Horseman Global, Jabcap Global Balanced, Kinsale Compass, Parus
Algebris Global Financials, AlphaGen Octanis, Cazenove UK Dynamic, Ennismore European Smaller Companies, Rhenman Healthcare Equity Long/Short, Tosca Mid-Cap
EMERGING MARKET EQUITY
36ONE Offshore, Adelphi Emerging Europe, Laurium Offshore, PCP Emerging Markets Active, Visio IV South Africa Long/Short
EQUITY MARKET NEUTRAL & QUANTITATIVE STRATEGIES
Abaco Financials, GSA Capital International, GSA QFF, LMR Fund, MW Market Neutral TOPS
CONVERTIBLES & VOLATILITY
Boussard & Gavaudan Fund, GLG Global Convertible Bond, Jabcap Global Convertible, Polygon Convertible Opportunity
EVENT DRIVEN & DISTRESSED
Ironshield Special Situations, Polygon European Equity Opportunity, Tosca Opportunity, York European Opportunities
GLOBAL FIXED INCOME
BlackRock Fixed Income Global Alpha, Capula Global Relative Value, Pelagus Capital, Sanctum Fixed Income
Capeview Recovery, Cheyne Long/Short Credit, Cheyne Total Return Credit, Gladwyne, Napier Park European Credit Opportunities
SPECIALIST FIXED INCOME & CREDIT
Asgard Fixed Income, Chenavari Toro Capital IA, Cheyne Real Estate Credit Holdings, Coriolis Catpricorn, Danske Invest Hedge Fixed Income Strategies, Securis I
BlackRiver EMEA Investors, BlueCrest Emerging Markets, Finisterre Sovereign Debt, GIB Emerging Markets Opportunities, Pharo Trading, VR Global Offshore
ABD Investment Tactical Discretionary Macro, BTG Pactual Global Emerging Markets and Macro, Macrosynergy Trading, Pharo Macro
MANAGED FUTURES, COMMODITY & CURRENCY
Amplitude Dynamic Trading, Cumulus Energy, Man AHL Evolution, Quantica Managed Futures, Winton Futures
MIXED ARBITRAGE & MULTI-STRATEGY
AlphaGen Perseus, Brummer & Partners Carve, Cheyne Multi-Strategy, GLG Market Neutral, Jabcap Multi-Strategy
EMERGING MANAGER & SMALLER FUND
Alcentra Structured Credit Opportunity, Helium Special Situations, IMC Quantitative Indicator, Inflection Point Investments, OneWall Global, Ovington
Initial nominees to be announced next month
NEW FUND OF THE YEAR
Initial nominees to be announced next month
LONG TERM PERFORMANCE - EQUITY STRATEGIES (5 years)
AlphaGen Volantis, GSA Capital International, MW Eureka, OCCO Eastern European, Polar Capital European Forager
LONG TERM PERFORMANCE – MACRO, FIXED INCOME & RELATIVE VALUE (5 years)
BlackRock Fixed Income Global Alpha, BTG Pactual Global Emerging Markets and Macro, Capula Global Relative Value, Securis I, VR Global Offshore
MANAGEMENT FIRM OF THE YEAR
Cheyne Capital, Henderson AlphaGen, Jabre Capital, Marshall Wace
FUND OF THE YEAR
Nominees to be announced on the night
Demand for tables is high. Tables are allocated on a first-come, first-served basis.
To reserve your table, please contact Mishal Karia:
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To be included in the nomination process, the fund must appear in the EuroHedge Database.
To check that your fund is included, please contact Damian Alexander:
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To see full details on the EuroHedge Awards for 2013, including the nominations and awards criteria, please visit www.eurohedgeawards.com