对冲基金今年表现差异巨大 Dispersion-driven scrutiny has likely contributed to higher hedge fund reallocations in recent months as well as continued net liquidations in the most recent 2Q figures from HFR. Both hires and terminations have increased in 2020, based on P&I data. Hedge fund dispersion declined in 2Q, though only modestly after the prior-quarter jump. Moderation was driven by sharp gains of top-decile performers, with even more improvement in the bottom decile. By contrast, the surge in 1Q was driven by a sharp decline in bottom-decile average performance vs. 4Q, while top-decile performance fell only modestly.
The dispersion of about 51 percentage points in 2Q compares with 56 points in 1Q and is in the range of a 60-point spread in 2013 and 58 in 2010. Dispersion is still well below the more-than 100% levels of 2008-09.
The dispersion of about 51 percentage points in 2Q compares with 56 points in 1Q and is in the range of a 60-point spread in 2013 and 58 in 2010. Dispersion is still well below the more-than 100% levels of 2008-09.