Subject: FW: Prime Services' Monthly Hedge Fund Industry Update - April 2011
From: "Neil Callahan" <[email-masked]>
To: "Firmwide" <[email-masked]>
Date: Thu, 21 Apr 2011 16:20:48 -0400
List-Id: <all.rosemontseneca.com>

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Neil Callahan

Rosemont Seneca

401 Greenwich Street, Suite 400 | New York NY 10013 | 212-933-9965 |
212-796-4037

1010 Wisconsin Avenue, Suite 705 | Washington DC 20007 | 202-333-1880

917-945-9516 (mobile) 

866-749-8879  (fax) 

From: Jacknow, Bret [mailto:[email-masked]] 
Sent: Thursday, April 21, 2011 4:19 PM
To: Jacknow, Bret
Subject: Prime Services' Monthly Hedge Fund Industry Update - April 2011

 

Attached please find the PDF which complements the Monthly Hedge Fund
Industry Update call 

<<Credit Suisse April 2011 Call.pdf>> 

The Investor Perspective 

.         Sentiment & Flows: March inflows into the hedge fund space were
strong and appear to have included a significant component of allocations
from pension funds. Risk appetite continues to increase, as investors
consider a broader range of managers by asset size and strategy, in order to
compliment their core positions with more established managers.

.         Performance: Hedge funds' performance in March was relatively flat
across most strategies, with the Dow Jones Credit Suisse Hedge Fund Index
returning 0.12% for the month. 9 out of 13 strategies posted performance in
the +/- 1% range.

.         Strategy Appetite: Equity-oriented strategies, particularly with a
fundamental focus and derived from "event" situations, continue to garner
the attention of investors. In addition, investors also appear to be placing
an emphasis on differentiated opportunities and minimal portfolio overlap as
prerequisites for making new allocations.

The Risk Perspective 

.         Gross Leverage: Overall book gross leverage at March month-end was
up to 2.72x from the February level of 2.66x.

.         Long/Short Equity Bias: Long/Short Bias rose sharply in March to
63% (from 55%) as managers took advantage of the dislocation and increased
core positions.

.         Regional Long/Short Bias: Long/Short bias in March was flat in
North America and up in all other regions.

.         Sector Long/Short Bias: As of March month-end, sectors whose bias
increased relative to the previous month included Industrials and Utilities.

Call Replay Details: 
United Kingdom 0800 917 2646 
United States 1 800 642 1687 
Switzerland 0800 563 744 
Singapore 800 101 1464 
Hong Kong 800 930 800 
Australia 1800 002 633 
Replay available through May 20th, 2011 
Replay ID 57411435 

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