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Research

• Impact of Size and Age on Hedge Fund Performance: 1996 - 2011
  

  PerTrac's sixth annual research study "Impact of Size and Age on Hedge Fund Performance: 1996 - 2011" examines the performance trends for funds of different sizes and ages. The study provides the most recent full-year data on hedge fund performance along with information dating back to January 1996 for historical and directional consideration. Key findings of the study include; the average large hedge funds performed better than small funds during negative performance years; of 2008 and 2011; large funds dipped 2.63% on average in 2011, the least compared to the average small fund's 2.78%, and average mid-size fund 2.95% slides. Large funds also maintained lower annualized volatility statistics relative to small funds; the average young fund has returned a cumulative 827%, since 1996 nearly double that of the 446% return for the average mid-age funds and well beyond the 350% posted by tenured; the average young fund has had 144 positive and 48 negative months since 1996, mid-age funds has had 136 positive and 56 negative, while the tenured funds has had 129 positive and 63 negative; plus lots more.

• Investment Statistics: A Reference Guide
  

  This comprehensive guide provides investors best practices for measuring performance and analyzing risk using investment statistics. The guide discusses in clear, succinct language how to use key investment metrics to evaluate the quantitative aspects of a fund’s performance.

• Sizing of the Hedge Fund Universe - First Half 2012
  

  PerTrac's First Half 2012 update to the annual research study "Sizing the Hedge Fund Universe" examines the composition and size of the single-manager hedge fund and FoFHs industry. The study analyzes data from the end of year 2011 through to the end of the first half 2012. Key findings of the study include: reported AUM of hedge funds and FoHFs expanded by 3.21% to reach $2.317 trillion, the "billion dollar club" - FoHFs that reported managing over $1 billion in assets accounted for 48.7% of the total reported FoHF AUM, total number of hedge funds and FoHFs reporting increased to 14,013, a growth of 4.61%, plus lots more.

• Sizing the 2011 Hedge Fund Universe
  

  PerTrac's ninth annual research study "Sizing the 2011 Hedge Fund Universe", examines the composition and size of the single-manager hedge fund and funds of hedge funds (FoHFs) industry. Key findings of the study include: 322 single-manager hedge funds reported having AUMs in excess of $1 billion in 2011, the number of reporting FoHFs managing $1 billion or more in assets climbed by nearly 18%, yet overall, the number of FoHFs declined 4.80% in 2011, the reported AUM of single-manager hedge funds and FoHFs was $2.245 trillion at the end of 2011, plus lots more.

• The Coming of Age of Alternative UCITS Funds
  

  This research study examines the Alternative UCITS funds industry and details which strategies are most popular, provides the performance of Alternative UCITS funds since 2002, includes overall trends in Alternative UCITS funds and much more. The study includes an analysis of the performance and growth in Alternative UCITS funds, trends in Alternative UCITS funds AUM, popularity of various Alternative UCITS funds' investment strategies and domicile and the primary location of Alternative UCITS funds' management firms.

• Whitepaper: Manager Selection and the Quest for Upside Potential
  

  Empirical evidence indicates that investing in alternative investments such as hedge funds can provide higher portfolio returns, lower portfolio investment correlations and some protection against down market losses. However, allocating to alternative funds introduces new challenges in the screening process, which typically are not encountered when screening more traditional funds. This paper uses a case study to demonstrate a new approach to screening alternative managers, which includes diligent manager research using a wealth of available data as well as more advanced risk analysis tools.

• Research: An Examination of the Impact of Fund Size and Age on Hedge Fund Performance - 2010
  

  This study examines how size and age and affect hedge fund performance. This year’s study analyzes all of 2010 and the first half of 2011. In particular, the study looks at whether young funds, mid-age funds or tenured funds generate the highest performance and how fund AUM impacts performance. In addition the study provides a look at return/risk measures for funds by both size and age.

• Research: An Examination of the Impact of Fund Size and Age on Hedge Fund Performance - 2009
  

  This paper updates research originally published in the February 2007 issue of the investment journal Derivatives Use, Trading & Regulation and the Spring 2009 Journal of Investing. The original papers and this update seek to discover whether smaller, younger hedge funds offer stronger performance than larger, more tenured hedge funds. Using indices created with six subsets of hedge fund data (small, mid-size, large, young, mid-age and tenured funds, as defined in the report), and Monte Carlo simulations, we examine the performance, volatility and risk profiles of each fund group.

• Research: An Examination of the Impact of Fund Size and Age on Hedge Fund Performance - 2008
  

  This short paper updates research originally published in the February 2007 issue of the investment journal Derivatives Use, Trading & Regulation (re-titled of as May 2007 to Journal of Derivatives & Hedge Funds). The original papers and this update attempt to discover whether smaller, younger hedge funds offer stronger performance than larger, older hedge funds. Using indices created with six subsets of hedge fund data (small, medium, large, young, mid-age and older funds, as defined herein), and Monte Carlo simulations, we examine the performance, volatility and risk profiles of each fund group.

Webinars

• PerTrac Webinar (with Infovest21): A Look at Development and Trends in Institutional Investing
  

  We invite you to join Tate Haymond from PerTrac/eVestment, and Lois Peltz from Infovest21, for a 40 minute presentation and Q&A session on developments and trends in institutional investing. This webinar discusses what institutional investors are long for in the current environment, customization, strategic relationships and risk management for institutional investors, the role of fee pressure in the decision making process and the growing influence of consultants.

• PerTrac Webinar (with CAIA): Understanding Portfolio Risk for Institutional Investors - Part 2 - Advanced Risk Analysis
  

  We invite you to join Randy Jones from PerTrac, and Caroline Bault from CAIA, for our second and final webinar in this series on portfolio risk for institutional investors. This live 40-minute presentation and Q&A session will focus on advanced portfolio risk analysis. This webinar discusses the distribution fitting in fat-tail analysis, constructing portfolios to reduce risk measures explained in Part 1, specific risks associated with alternatives, analyzing manager exposures and lots more.

• PerTrac Webinar (with CAIA): Understanding Portfolio Risk for Institutional Investors - Part 1 - An Introduction
  

  Join Randy Jones of PerTrac and Caroline Bault of CAIA for a live one-hour presentation and question session on understanding portfolio risk for institutional investors. In this webinar they discuss the appropriate risk measures for measuring and managing risk, understanding return distribution characteristics, comparing normal distribution assumptions with fat-tail distributions and probability analysis using Monte Carlo Simulations. The webinar covers risk measures, correlation analysis, tail risk analysis including VaR and ETL, distribution characteristics such as Skewness, Kurtosis, Omega, STARR and RACHEV, and probability distribution analysis.

• PerTrac Webinar (with Infovest21): A Look at Development and Trends in Institutional Investing
  

  We invite you to join Tate Haymond from PerTrac/eVestment, and Lois Peltz from Infovest21, for a 40 minute presentation and Q&A session on developments and trends in institutional investing. This webinar discusses what institutional investors are long for in the current environment, customization, strategic relationships and risk management for institutional investors, the role of fee pressure in the decision making process and the growing influence of consultants.

• PerTrac Webinar (with Infovest21): A Look at Investment Trends Through the Eyes of Investment Consultants
  

  Join Lois Peltz, President of Infovest21, for a live 40 minute presentation and Q&A session on developments and trends in institutional allocations. In this webinar, attendees will hear the latest results from Infovest21's research and learn about; what criteria investment consultants use when selecting hedge funds/FoHFs, which hedge fund/FoHF strategies most interest investment consultants, how performance affects allocation, benchmarking and more.

• PerTrac Webinar (with Family Office Metrics): Effective Risk Management For Family Offices - Investment Analytics Best Practices
  

  Join Tate Haymond, Managing Director of PerTrac, and Jon Carroll, CEO of Family Office Metrics, for a one hour interactive session on Risk Management for Family Offices. This webinar provides an educational overview of three tiers of risk analysis.  Attendees will learn how to evaluate portfolio risk, and receive a practical explanation of key risk measures including the benefits and the shortcomings of each measure. Topics discussed include: Basic Analytics (Sharpe Ratio, Value at Risk (VAR), Monte Carlo Analysis, Expected Tail Analysis), Intermediate Analytics (Fat-tail Analysis, Factor Analysis, Market Shock and Stress Testing, Risk Budgeting), Advanced Analytics (Portfolio Liquidity Risk Management, Exposure Roll Ups) and more.

• PerTrac Webinar (with FinAnalytica): Forward Looking Risk For Investors Utilizing Returns and Positions-based Approaches
  

  We invite you to join Randy Jones of PerTrac and Yana Vardarska of FinAnalytica for a live one-hour presentation and question session on analyzing risk in investor portfolios using returns-based and positioned-based risk analysis. We will discuss the myths and realities of each approach and show how they can be leveraged to model and manage the risk in real portfolios. You will learn about returns-based and position-based risk management including how fat-tailed analytics can transform risk management, choosing the best method for a particular investment portfolio and situation and unique insights that can be drawn from each approach.

• Webinar (with Hedgeweek): Fund Allocation in Turbulent Times
  

  PerTrac and Hedgeweek invite you to join Simon Gray, Managing Editor of Hedgeweek, to view a 40-minute presentation and Q&A session on challenges and choices facing allocators in turbulent times. This webinar examines issues such as: Do established measures of risk still provide meaningful information? What alternatives are there? Can alternative strategies consistently outperform traditional long-only investment? Is it time to rethink standard geographical allocation criteria? Are information and analysis tools used by allocators and investors up to the job? Is it time to rethink the whole investment decision-making process?

• Webinar: Enhancing Portfolio Performance and Mitigating Risk with Alternatives
  

  In this webinar, Randy Jones, Director of Product Management at PerTrac, will review the challenges that institutional investors face in selecting alternative investment managers and constructing resilient portfolios that balance risk and reward.

• Webinar (with Infovest21): Institutional Asset Allocation - The Latest Trends From Pensions, Family Offices & Endowments
  

  In this webinar, which is the second in a series sponsored by PerTrac, you will hear the latest results from Infovest21’s research and learn about: Changes in traditional investments, Diversification of asset types (alternatives and more), trends with absolute return, and specific institutional investor case studies.

• Webinar (With Infovest21): Institutional Investing - Implications For Hedge Funds And Fund Of Funds
  

  In this webinar, Lois Peltz, President and Founder of Infovest21 discusses developments and trends in the institutional space. You will hear about pension underfunding and pensions' search for structural efficiency as well as the implications for funds-of-funds, medium-sized hedge funds, multi-strategy funds and managed accounts/funds of one.

• Webinar: Building Resilient Portfolios
  

  In this webinar, we review a complete analytic framework for qualitative and quantitative screening along with patented fat-tailed risk analysis. We demonstrate why traditional statistics and tools of risk analysis are likely to miss red flags in your portfolio.