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Because they hedge…?
Who says poorly?
A lot of these funds have return and vol targets. The market neutral funds aren’t trying to beat the S&P every year, but rather over time by having a higher ratio and not being correlated to the market. Similar for other absolute return funds. Then you have funds that aren’t just equities etc.
Makes sense. Thanks man
"poorly" lol. Your big platforms at hedged, 50% long 50% short. If the entire tech market is up 30% due to beta you likely won't be up 30% because half of your tech portfolio in $ terms is short (and the market being up means they lost money). A lot of shops posted HSD/LDD returns which is pretty good for a product that is only extracting alpha and not riding beta.
The shops which run a significant net/beta product were generally up I believe, whale-rock's LO product was above the S&P fwiw.
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