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Goldman Sachs The Markets
Hedge Fund Outlook for 2024
Feb 16, 2024
Discussion on hedge fund performance in 2023 and potential opportunities in a higher rate environment. Exploration of favored strategies and geographies in the current market. Decrease in China's hedge fund exposure and sentiment of investors. Changing investor base and risk appetite in hedge funds with a decline in pension fund involvement and focus on liability matching strategies.
09:36
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Quick takeaways
- Hedge funds had a muted performance in 2023 compared to a strong market rally, with a significant gap in returns by year-end.
- Despite challenges faced in 2023, historically, hedge funds tend to perform better in high-rate environments due to lower market correlations and higher dispersion of outcomes.
Deep dives
Hedge fund performance in 2023
Hedge funds had a muted performance in 2023 compared to a strong rally in the markets. By the end of October, both hedge funds and a 6040 portfolio were up about 3%, but the 6040 portfolio saw a significant rally by the year-end, reaching a 16% increase while hedge funds only reached a 7% increase.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode