citywire italy focus on alt ucits
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24-26 November 2010
citywire Focus
Jonathan MillerHead of Research, Citywire
0 20 40 60 80 100 120 140 160
Alternative Ucits Funds
ConvertiblesEvent Driven
Fund of FundsCommodities
Volatility TradingManaged Futures
Global MacroEM inc Asia
CurrencyMarket NeutralMulti Strategy
Credit StrategiesLong/Short Equity
Total Funds
330at end
September2010
Total Funds
539at end
December2011
+48
+20
+29
0 20 40 60 80 100 120 140 160
Newcits Funds
ConvertiblesEvent Driven
Fund of FundsCommodities
Volatility TradingManaged Futures
Global MacroEM inc Asia
CurrencyMarket NeutralMulti Strategy
Credit StrategiesLong/Short Equity
Total Funds
550at endJuly2012
+48
+20
+29
Alternative Ucits Funds Total Funds
550at end
July2012
Alternative Ucits Funds by Currency
€ Funds
476£ Funds
219
$ Funds
236
Other
162
Euro Newcits funds by sector
17 Event Driven
66Credit
Strategies
27 Managed Futures
22 Currency19 EM Equity inc Asia
52Fund of funds
34 Global Macro
120Long/Short Equity
22 Volatility Trading
32 Market Neutral45
Multi Strategy
15 Commodities5 Convertibles
€ Funds
476
Alternative Ucits € Funds by Track Record
1 Yeartrack record
80%
3 Yeartrack record
38%
4 Yeartrack record
27%
5 Yeartrack record
19%
Total Returns over 3 Years35
30
25
20
15
10
5
0
-5
-102009 2010 2011 2012
Total Returns over 3 YearsCommodities
16.1
35
30
25
20
15
10
5
0
-5
-102009 2010 2011 2012
2009 2010 2011
Alt Ucits Commodities vs Commodity ETF
30.6
16.1
2012
40
35
30
25
20
15
10
5
0
-5
ETFS All CommoditiesCommodities
Total Returns over 3 Years35
30
25
20
15
10
5
0
-5
-102009 2010 2011 2012
Total Returns over 3 Years35
30
25
20
15
10
5
0
-5
-10
Managed Futures
-1.9
2009 2010 2011 2012
Long/Short Equity vs MSCI World
2009 2010 2011
49.3
8.5
2012
60
50
40
30
20
10
0
MSCI WorldLong/Short Equity
Best Three Months for MSCI World
2009 2010 2011 2012
MSCI WorldLong/Short Equity
6.6
7.2
6.2
60
50
40
30
20
10
01.6 1.82.4
Worst Three Months for MSCI World
2009 2010 2011 2012
MSCI WorldLong/Short Equity
60
50
40
30
20
10
0
-3.2
-3.6
-7.2
-0.4-0.5
-3.1
Worst Three Months for MSCI World
2009 2010 2011 2012
MSCI WorldLong/Short Equity
60
50
40
30
20
10
0
Drawdown -14.0Volatility 13.7
Drawdown -5.9Volatility 6.4
Fund flows – Equity long/short
5300
2009 2010 2011 Jan-Jun’11
Jul-Dec’11 2012 (Jul)
3500648
1200
-565
-2450
Percentage Growth over 3 years
100
80
60
40
20
0
-20
-40
8.49 (Average)
Long Short Equity Sector funds
Percentage Growth over 1 year
30
20
10
0
-10
-20
-30
-40
-1.9 (Average)
Long Short Equity funds
UCITS vs. Hedge Funds - 1 year performance
0-5-10 5
Hedge Funds
UCITSSource: Citywire
Source: Eurohedge
Credit StrategiesCurrency
Event DrivenGlobal Macro
Long/Short EquityManaged Futures
Market Neutral
ConclusionConsolidation is occurringNew ideas are still surfacingOutflows in long/short sectorBUT outperforming hedge fund peers
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