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Dear Colleague,
In
this month's LTX focus we take a fresh look at Hedge Funds:
Clipped.
Hedge funds lost a record 21.44% in 2008 according to the Barclay
Hedge Fund Index compiled by BarclayHedge. “2008 hedge fund losses
were widespread, with 70% of the funds that report to us ending the year
in the red,” says Sol Waksman, founder and president of BarclayHedge.
"Managers of funds of hedge funds turned in an even poorer performance,
with 85% finishing in the minus column, losing an average of 21.69%.”
It has
been estimated in a new report that total hedge fund assets at the end
of 2008 stood at USD1.43 trillion, a decline of over USD700bn or 34% from
2007 levels.
According to
Crédit Agricole Structured Asset Management's (CASAM) 2008 Industry
Report on hedge funds and commodity trading advisors (CTAs), the total
number of hedge funds is estimated to have declined from over 9,700 at
the end of 2007 to around 8,900 today.
However the
beginning of 2009 showed what may be the start of a recovery. Hedge funds
as measured by both the Greenwich Global Hedge Fund Index (GGHFI) and
the Greenwich Composite Investable Index (GI2) withstood falling equity
markets during the month of January to begin 2009 with gains.
The GGHFI and
GI2 returned 0.42% and 0.10% during the month, respectively, compared
to global equity returns in the S&P 500 Total Return (- 8.43%), MSCI
World Equity (-8.85%), and FTSE 100 (-6.42%). 59% of constituent funds
in the GGHFI ended the month with gains.
"January
was an excellent start to 2009 for hedge funds despite a challenging environment
in most equity markets. Three of four hedge fund strategy groups ended
the month with gains while global bourses on average shed 6-10%. The value
of hedge funds in mitigating severe losses has never more evident than
in the start of 2009," notes Margaret Gilbert, Managing Director
of Greenwich Alternative Investments, which compiles one of the oldest
hedge fund performance benchmarks.
Then it was
announced on February 10 that the Credit Suisse/Tremont Hedge Fund Index
increased by an estimated 0.8% in the month of January.
You can read the rest of the feature here:
http://www.investorsoffshore.com/html/specials/march09_hedge.html
Please remember that you can customise your mailing preferences by visiting
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Kind regards,
Kate James
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| News
Headlines from Tax-News.com |
|
IMF
Concludes Article IV Consultation With Montenegro,
by Ulrika Lomas, Tax-News.com, Brussels Thursday,
March 05, 2009 |
| The
International Monetary Fund has concluded the Article IV consultation
with Montenegro, and reported its findings, noting that the
economy has boomed in recent years, though warning that this
might leave it unbalanced and exposed to the adverse global
environment. [
FULL
STORY ] |
|
IMF
Concludes Article IV Consultation With Vanuatu,
by Ulrika Lomas, Tax-News.com, Brussels Thursday,
March 05, 2009 |
| The
International Monetary Fund has concluded the Article IV consultation
with Vanuatu, and released an IMF Staff Mission statement.
[ FULL
STORY ] |
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Cyprus
And Iran Sign Bilateral Investment Protection Agreement,
by Lorys Charalambous, Tax-News.com, Cyprus Thursday,
March 05, 2009 |
| Cypriot
Minister of Commerce, Industry and Tourism, Antonis Paschalides,
arrived in Teheran on March 3 at the head of a business delegation
for a two day official visit at the invitation of the Iranian
Minister of Commerce, which involved the signing of an agreement
to protect and promote mutual investment. [
FULL
STORY ] |
|
New
Philippine Beer Tax Would Double Prices,
by Mary Swire, Tax-News.com, Hong Kong Thursday,
March 05, 2009 |
| A
proposal from the Department of Finance in the Philippines to
unify tax rates for alcohol and tobacco could double the price
of beer, it has been revealed. [
FULL
STORY ] |
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Irish
Government Announces Declining Tax Revenues,
by Robert Lee, Tax-News.com, London Thursday,
March 05, 2009 |
| The
Irish government has revealed its end-February Exchequer figures
this week, showing increasingly worrying declines in revenues
against last year’s statistics. The government, under
sustained pressure from several bodies, has announced it will
put forward an interim budget, expected to include several tax
changes, by the end of March. [
FULL
STORY ] |
|
Think
Tank Denounces Senate's 'Kangaroo Court' Tax Haven Hearing,
by Mike Godfrey, Tax-News.com, Washington Thursday,
March 05, 2009 |
| According
to the Center for Freedom and Prosperity, the latest tax haven
hearing put together by the Senate Permanent Subcommittee on
Investigations serves only to demonize low tax jurisdictions
while overlooking pro-growth changes that would protect human
rights and reduce tax evasion. [
FULL
STORY ] |
|
Landmark
Reached In UK Tax Law Rewrite Project,
by Robin Pilgrim, LawAndTax-News.com, London Thursday,
March 05, 2009 |
| Modernising
the UK's direct tax law took another step forward on March 3,
as two new draft bills rewriting corporation tax and international
tax legislation were published by the Tax Law Rewrite project.
[ FULL
STORY ] |
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