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October 28, 2003 at 07:00 PM
RYE, N.Y. (HedgeWorld.com)–The almost 600 funds that recently were added to the Tremont/TASS* database show a strategy breakdown in line with the industry at large. But there are some interesting differences among styles.
Single-manager funds dominate the new additions, both in numbers and in asset size. There are 374 single-manager vehicles in the group, collectively representing about US$40 billion in assets, compared to 225 funds of funds with US$20 billion in assets.
Not surprisingly, long/short equity is the largest component with 155 new funds, as was the case prior to the enlargement of the database. In terms of number of funds, this strategy makes up 41% of the single-manager group. But these long/short funds manage only 23% of the total assets in this data set, said Stephen Jupp of Tremont.
By contrast, fixed-income arbitrage managers account for only 8% of the single-manager funds added to Tremont/TASS, with 31 vehicles, but they manage 14% of the assets. The reason is the larger average size of fixed-income funds compared to equity funds, says Mr. Jupp.
Other Strategies
Managers that describe themselves as multi-strategy also are larger in asset size, on average. Multi-strategy managers account for a little more than 3% of the number of funds in the new set but have almost 6% of the assets.
