In summary...
Hedge funds* had a strong start to 2025 – up 4.5% in H1, albeit they underperformed bonds**, +7.3% and equities***, +8.6%.
Long biased was the strongest performing master strategy during the period, +9.6%, after being the third best performing master strategy in 2024.
Quant was the lowest performing strategy, delivering +1.9%, after being the second-lowest performing strategy in 2024. This headline performance masked significant dispersion in sub-strategy performance.
Industry AUM grew. This growth was primarily driven by positive P&L. The industry also saw net inflows after having seen net outflows in 2024 across most strategies.
Alt UCITS underperformed hedge funds in all strategies except credit.
