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August 19, 2003 at 08:00 PM
CHICAGO (HedgeWorld.com)–Assets under management by hedge funds increased US$47 billion in the second quarter to a record level of nearly US$665 billion, according to a report released by Hedge Fund Research Inc.
HFR said that only an estimated US$1.4 billion of the increase represented new investment and that the remainder was the growth of assets due to strong, broad-based performance related to stronger economic data and a rally in the equity markets.
“Going forward, third quarter performance should be driven on whether or not the current trends congeal into an actual ‘global recovery,’” said HFR president Joshua Rosenberg in a statement.
A variety of hedge fund strategies did well in the second quarter, especially the long-based strategies according to HFR. The HFRI equity non-hedge index rose 18.2%; its emerging market composite 13%; and its sector index 13.9%. On the other hand, short-selling strategies lost 12.3% during the quarter.
