Hedge funds capped the first quarter with gains across different strategies, as a rally in stocks, some commodities and the dollar helped the industry weather a less shiny period for bonds, investors said.
“So far it has been a very good start to the year for hedge funds,” said Ryan Lobdell, head of marketable alternatives at consultancy Meketa, adding that portfolio managers have increased exposure to rallying assets. “There has been an increase in the trendiness of equities and commodities.” This year, the rally has broadened beyond the so-called Magnificent Seven – Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia and Tesla -- to sectors such as energy, financials and industrials.
Among strategies that worked: Fresh record commodities prices for copper, gold and cocoa also helped strategies such as CTAs and macro hedge funds, investors said. Bearish bets on European power markets and milling wheat yielded gains of 8.6% for AQR’s Heliz strategy. Citadel had a positive performance in all its funds strategies, with the flagship Wellington up 5.75%, according to a separate source.
Citadel’s Global Fixed Income fund rose 2.05%, underperforming the firm’s other three funds, a source said.
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