Funds of hedge funds outperform hedge funds over 12 months
But typical FoHFs ‘more exposed to market risks now than in recent memory'
Funds of hedge funds (FoHFs) outperformed hedge funds on an equal-weighted absolute basis over the last 12 months ending May 2015, returning 6.65% versus 5.84%. Measured over the last five years, hedge funds have outperformed FoHFs by approximately 2% per annum.
FoHFs saw net investor allocations during the first half of 2014, but outflows in the second half forced financial year 2014 flows to be approximately flat. Net redemptions continued into Q1 2015, with investors pulling approximately $16
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