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Preqin Special Report: Top Performing Hedge Funds in 2017 Preqin Special Report: Top Performing Hedge Funds in 2017 Foreword PREQIN SPECIAL REPORT: TOP PERFORMING HEDGE FUNDS IN 2017 PREQIN SPECIAL REPORT: TOP PERFORMING HEDGE FUNDS IN 2017 FOREWORD his Preqin Special Report takes a closer look at those funds that have reached the top of the performance ranks in 2017. Using data Ttaken from Preqin’s online platform, we examine the top performing hedge funds over a one- and three-year basis, as well as those funds that have been performing consistently well over the past three and five years. METHODOLOGY Top Performing Funds: The top performing funds presented in this report are based on a ranking by net returns over the periods 2017 and 2015-2017. Funds must report a full 12-month performance track record over 2017, and a full 36-month track record over 2015-2017 in order to be eligible to be listed in our one- and three-year league tables. The tables are based on data reported to Preqin in early 2018. Although fund rankings are not expected to alter significantly, final performance tables are subject to change as more data becomes available. Most Consistent Top Performing Funds: Most consistent top performing funds were determined using a percentile ranking methodology, whereby each of the four metrics – annualized return, annualized volatility, Sharpe ratio and Sortino ratio – were representatively graded in a universe of hedge funds with matching strategy criteria and performance data up to December 2017 on Preqin’s online platform over two sample periods. The ‘average score’ of each fund was then derived through an average of the four percentile values and solely used to determine fund consistency. Where a Sortino ratio could not be calculated due to the fund not generating a negative return in the sample period, the fund was given a percentile score of 100 for its Sortino ratio metric. We hope that you find this report useful and welcome any feedback you may have. For more information about Preqin and our services please visit www.preqin.com or contact [email protected]. p3 Top Performing Hedge Funds p6 Top Performing Hedge Funds by Strategy p16 Top Performing Hedge Funds by Trading Style p20 Top Performing Hedge Funds by Location p24 Top Performing Hedge Funds by Geographic Focus p28 Top Performing Hedge Funds by Fund Size p32 Top Performing Funds of Hedge Funds p35 Top Performing CTAs p38 Top Performing Liquid Alternative Funds All rights reserved. The entire contents of Preqin Special Report: Top Performing Hedge Funds in 2017 are the Copyright of Preqin Ltd. No part of this publication or any information contained in it may be copied, transmitted by any electronic means, or stored in any electronic or other data storage medium, or printed or published in any document, report or publication, without the express prior written approval of Preqin Ltd. The information presented in Preqin Special Report: Top Performing Hedge Funds in 2017 is for information purposes only and does not constitute and should not be construed as a solicitation or other offer, or recommendation to acquire or dispose of any investment or to engage in any other transaction, or as advice of any nature whatsoever. If the reader seeks advice rather than information then he should seek an independent financial advisor and hereby agrees that he will not hold Preqin Ltd. responsible in law or equity for any decisions of whatever nature the reader makes or refrains from making following its use of Preqin Special Report: Top Performing Hedge Funds in 2017. While reasonable efforts have been made to obtain information from sources that are believed to be accurate, and to confirm the accuracy of such information wherever possible, Preqin Ltd. does not make any representation or warranty that the information or opinions contained in Preqin Special Report: Top Performing Hedge Funds in 2017 are accurate, reliable, up-to-date or complete. Although every reasonable effort has been made to ensure the accuracy of this publication Preqin Ltd. does not accept any responsibility for any errors or omissions within Preqin Special Report: Top Performing Hedge Funds in 2017 or for any expense or other loss alleged to have arisen in any way with a reader’s use of this publication. 2 © Preqin Ltd. 2018 / www.preqin.com TOP PERFORMING HEDGE FUNDS PREQIN SPECIAL REPORT: TOP PERFORMING HEDGE FUNDS IN 2017 Fig. 1: Net Returns of Top Performing Hedge Funds in 2017 Net Return Rank Fund Core Strategy Manager Headquarters in 2017 (%) 1 Silver 8 Partners Multi-Strategy Silver 8 Capital US 770.74 2 Global Advisors Bitcoin Investment Fund Cryptocurrency Global Advisors Jersey 330.08 Stone House Capital 3 SH Capital Partners, L.P. Long Bias US 234.09 Management, LLC Northwest Investment 4 Northwest Warrant Fund - Class A Long Bias Hong Kong 216.68 Management (Hong Kong) 5 Vulpes Life Sciences Fund - Class A Multi-Strategy Vulpes Investment Management Singapore 190.03 6 Green Energy Metals Fund Commodities Portal Capital US 135.04 EIA Alpha Partners Fund 7 EIA All Weather Alpha Fund I Relative Value Arbitrage US 117.25 Management 8 Pabrai Investment Fund 3 Long/Short Equity Pabrai Investment Funds US 109.24 9 CSV China Opportunities Fund Long/Short Equity CSV Capital Partners China 108.79 Symphonic Alternative 10 Symphonic Opportunities Fund, LP Long/Short Equity US 103.87 Investments 11 Bulle Rock Partners - Class A Long/Short Equity Bulle Rock Capital US 94.82 12 SYW Macro SYW Capital Management US 87.60 13 Atyant Capital India Fund-I Long Bias Atyant Capital Mauritius 79.87 Greenwoods ‘A’ Share Opportunities 14 Long/Short Equity Greenwoods Asset Management Hong Kong 73.80 Master Fund - Class B 15 Redart Focus Fund Value-Oriented Redart Capital India 73.51 16 Golden China Plus Fund Value-Oriented Greenwoods Asset Management Hong Kong 72.24 UG Hidden Dragon Special Opportunity 17 Multi-Strategy UG Investment Advisers Taiwan 70.51 Fund - Class A TAL China Focus Fund - Class D 18 Long/Short Equity Trivest Advisors Hong Kong 69.51 (Employee Share Class) 19 AlphaNorth Partners Fund - Class A Long Bias AlphaNorth Asset Management Canada 69.28 Augury Hedge Fund - USD Arbitrage 20 Insurance-Linked Strategies Managing Partners Cayman Islands 67.78 Class Source: Preqin Hedge Fund Online 4 © Preqin Ltd. 2018 / www.preqin.com PREQIN SPECIAL REPORT: TOP PERFORMING HEDGE FUNDS IN 2017 Fig. 2: Net Returns of Top Performing Hedge Funds, January 2015 - December 2017 Annualized Rank Fund Core Strategy Manager Headquarters Net Return, 2015-2017 (%) 1 Global Advisors Bitcoin Investment Fund Cryptocurrency Global Advisors Jersey 116.30 2 Praesidium SA Hedge Fund Long/Short Equity Praesidium Capital Management South Africa 40.05 L1 Capital Long Short (US Feeder) Fund - 3 Long/Short Equity L1 Capital Australia 39.98 Wholesale Class 4 Atyant Capital India Fund-I Long Bias Atyant Capital Mauritius 39.41 5 Extract Capital Master Fund Multi-Strategy Extract Capital US 35.79 6 Armistice Capital Fund Long/Short Equity Armistice Capital US 35.28 7 Accendo Capital - A Share Class Event Driven Accendo Capital Luxembourg 33.99 8 Teraz Fund Long/Short Equity Spartan Fund Management Canada 33.64 9 Fourthstone Opportunity Master Fund Long/Short Equity Fourthstone US 33.12 10 Green Energy Metals Fund Commodities Portal Capital US 32.88 Montreux Natural Resources Fund - 11 Commodities Montreux Capital Management Switzerland 32.80 Class A (USD) 12 LSQ Fund Long/Short Equity Spartan Fund Management Canada 31.90 13 Adar Macro Fund - A Macro Adar Capital Partners Cayman Islands 31.53 14 SPX Raptor Feeder Macro SPX Capital Brazil 31.49 15 Deer Creek Fund Long Bias Deer Creek Capital Partners US 31.38 16 Brilliant Partners Master Fund Long/Short Equity Brilliance Capital Management Hong Kong 28.79 17 Rosseau Fund Special Situations Rosseau Asset Management Canada 28.24 18 Summit Premium Plus Fund, LP Long Bias SCC Capital Group US 27.54 19 Cyan C3G Fund Long Bias Cyan Investment Management Australia 27.46 20 Prism Partners, L.P. - Class B Long/Short Equity Delta Partners, LP US 27.07 Source: Preqin Hedge Fund Online Fig. 3: Net Returns of Top Performing Hedge Funds Launched in 2016 Inception Net Return Rank Fund Core Strategy Manager Headquarters Date in 2017 (%) Symphonic Alternative 1 Symphonic Opportunities Fund, LP Long/Short Equity US 01-Jul-16 103.87 Investments TAL China Focus Fund - Class D 2 Long/Short Equity Trivest Advisors Hong Kong 04-Jul-16 69.51 (Employee Share Class) ACM Market Neutral Volatility 3 Niche Apis Capital Management US 01-Jan-16 66.24 Strategy Fund LP Warburton Investment 4 Warburton Global Fund Macro Australia 01-Apr-16 64.14 Management KeyPoint Concentrated Real Estate 5 Long/Short Equity KeyPoint Capital Management US 01-Oct-16 63.08 Opportunity Fund MMCAP Canada Fund - Class I - 6 Multi-Strategy MM Asset Management Cayman Islands 01-Mar-16 61.42 CAD 7 Teza Master Fund V Ltd Statistical Arbitrage Teza Capital Management LLC US 11-Oct-16 59.16 Kingsferry Classic Value Fund I - 8 Value-Oriented Kingsferry Capital China 20-Jul-16 55.83 Class A Brick Accretive Management Fund 9 Macro Brick Accretive Management US 01-Jul-16 53.05 I LP 10 Ibex Behavioral Finance Strategy Multi-Strategy Ibex Investors US 01-Jul-16 48.16 Source: Preqin Hedge Fund Online 5 TOP PERFORMING HEDGE FUNDS BY STRATEGY PREQIN SPECIAL REPORT: TOP PERFORMING HEDGE FUNDS IN 2017 EQUITY STRATEGIES Fig. 4: Net Returns of Top Performing Equity Strategies Hedge Funds in 2017 Net Return Rank Fund Core Strategy Manager Headquarters in 2017 (%) Stone House Capital 1 SH Capital Partners, L.P. Long Bias US 234.09 Management, LLC Northwest Investment 2 Northwest
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