Money managers under the microscope
Big-hitters Crispin Odey and Anthony Bolton may have pointed to the start of a new bull market, but not all hedge fund managers are convinced.
A report from Credit Suisse/Tremont, published today, says many managers played it safe in April, meaning funds made an average gain of just 1.68 percent, compared with a 9.57 percent rally in the S&P 500.
Even equity long/short, which some commentators accused of having too much of a long bias and therefore getting caught in last year’s market slump, made only 2.54 percent.
“Many kept a cautious stance with regard to going long the markets in light of latent market challenges and financial shocks that many anticipate may still be in the making,” the report said.