Transcription of ALTERNATIVES: BENCHMARK VS AGNOSTIC
1 alternatives : BENCHMARK VS. AGNOSTIC . Andrew Landman Blackrock The Great Debate alternatives : BENCHMARK versus AGNOSTIC Andrew Landman May 2013. For professional clients / qualified investors only Of course you would like a BENCHMARK ! 1. A definition of BENCHMARK . noun A standard or point of reference against which things may be compared verb [with object] evaluate (something) by comparison with a standard:*. A BENCHMARK can be absolute return, a recognised index BENCHMARK , cash rate or others. It is the point of reference that the client must demand the manager to exceed Do you want the Gold medal and the World Record ..we need benchmarks *Oxford Dictionary Enhanced Diversification Moves Beyond Long-Only EQ. and FI. Traditional Diversification Relies On Traditional Equity Traditional Fixed Income Large Cap Treasuries Mid Cap Corporates Small Cap High Yield Value MBS/ABS. Growth Floating Rate International Global Emerging Markets International Enhanced Diversification Can Include Alternative Equity Strategies Alternative Fixed Inc.
2 Strategies Alternative Assets Long/Short Duration Management Gold Market Neutral Yield Management Commodities Short Bias Long/Short Currency Private Equity Opportunistic/Unconstrained Infrastructure Arbitrage Distressed Debt Real Assets Credit Arbitrage Real Estate FOR FINANCIAL ADVISER AND INSTITUTIONAL / PROFESSIONAL INVESTOR USE ONLY NOT FOR PUBLIC DISTRIBUTION 4. alternatives : BENCHMARK VS. AGNOSTIC . Sam Mann Ironbark Asset Management (K2 Advisors). HFRI Indices Annual Investment Returns (1998 2012). Single Hedge Fund Strategies Can be Cyclical 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012. HFRI Emerging HFRI ED: HFRI RV: Barclays HFRI Emerging HFRI ED: HFRI Emerging HFRI Emerging HFRI Emerging Barclays HFRI RV: Barclays S&P 500 S&P 500 S&P 500. Markets Merger Arb ConvertArb Gov't/Credit Markets Distressed Markets Markets Markets Gov't/Credit ConvertArb Gov't/Credit HFRI Equity HFRI Equity HFRI EH: Eq HFRI ED: HFRI RV: HFRI ED: HFRI Emerging HFRI Equity HFRI ED: HFRI Emerging HFRI RV: HFRI Relative HFRI Macro HFRI Macro S&P 500.
3 Hedge Hedge Mrkt Ntrl Distressed ConvertArb Distressed Markets Hedge Distressed Markets ConvertArb Value Barclays HFRI Fund HFRI RV: HFRI Event- HFRI Event- HFRI Fund HFRI Equity HFRI ED: HFRI ED: HFRI Emerging HFRI ED: HFRI ED: HFRI Macro S&P 500 S&P 500. Gov't/Credit Wghtd Comp ConvertArb Driven Driven Wghtd Comp Hedge Merger Arb Distressed Markets Merger Arb Distressed HFRI EH: Eq HFRI FOF HFRI Relative HFRI Emerging HFRI Relative HFRI Event- HFRI ED: HFRI Event- HFRI FOF HFRI EH: Eq HFRI Relative HFRI Relative HFRI Emerging S&P 500 S&P 500. Mrkt Ntrl Composite Value Markets Value Driven Distressed Driven Composite Mrkt Ntrl Value Value Markets HFRI RV: HFRI Event- Barclays Barclays HFRI ED: HFRI Fund HFRI FOF HFRI ED: HFRI Fund HFRI Relative HFRI Relative HFRI Event- HFRI ED: HFRI RV: HFRI Macro ConvertArb Driven Gov't/Credit Gov't/Credit Distressed Wghtd Comp Composite Merger Arb Wghtd Comp Value Value Driven Distressed ConvertArb HFRI ED: HFRI Equity HFRI Relative HFRI Emerging HFRI Equity HFRI Equity HFRI Event- HFRI Fund HFRI Relative HFRI Fund HFRI Event- HFRI ED: HFRI EH: Eq HFRI Event- S&P 500.
4 Merger Arb Hedge Value Markets Hedge Hedge Driven Wghtd Comp Value Wghtd Comp Driven Distressed Mrkt Ntrl Driven HFRI Event- HFRI FOF HFRI Fund HFRI FOF HFRI Relative Barclays HFRI FOF HFRI Equity HFRI Equity HFRI Event- HFRI Equity HFRI Macro HFRI Macro HFRI Macro HFRI Macro Driven Composite Wghtd Comp Composite Value Gov't/Credit Composite Hedge Hedge Driven Hedge HFRI Relative HFRI ED: HFRI Fund HFRI EH: Eq HFRI EH: Eq HFRI FOF HFRI Relative HFRI ED: HFRI RV: HFRI ED: HFRI Event- HFRI Fund HFRI Fund HFRI Fund HFRI Macro Value Distressed Wghtd Comp Mrkt Ntrl Mrkt Ntrl Composite Value Merger Arb ConvertArb Merger Arb Driven Wghtd Comp Wghtd Comp Wghtd Comp HFRI Fund HFRI Relative HFRI FOF HFRI Fund HFRI ED: HFRI RV: HFRI EH: Eq HFRI Equity HFRI Event- HFRI ED: HFRI ED: HFRI RV: Barclays HFRI Macro HFRI Macro Wghtd Comp Value Composite Wghtd Comp Merger Arb ConvertArb Mrkt Ntrl Hedge Driven Distressed Merger Arb ConvertArb Gov't/Credit HFRI Event- HFRI RV: HFRI ED: HFRI FOF HFRI Fund HFRI Relative Barclays HFRI Relative HFRI FOF HFRI Equity HFRI FOF Barclays HFRI Fund HFRI FOF.
5 S&P 500. Driven ConvertArb Distressed Composite Wghtd Comp Value Gov't/Credit Value Composite Hedge Composite Gov't/Credit Wghtd Comp Composite HFRI ED: HFRI ED: HFRI ED: HFRI Event- HFRI ED: HFRI EH: Eq HFRI RV: HFRI RV: Barclays HFRI FOF HFRI FOF HFRI EH: Eq HFRI Macro S&P 500 HFRI Macro Distressed Merger Arb Merger Arb Driven Merger Arb Mrkt Ntrl ConvertArb ConvertArb Gov't/Credit Composite Composite Mrkt Ntrl HFRI FOF HFRI EH: Eq HFRI Equity HFRI Equity Barclays HFRI ED: Barclays HFRI EH: Eq HFRI EH: Eq HFRI ED: HFRI Equity HFRI ED: S&P 500 S&P 500 HFRI Macro Composite Mrkt Ntrl Hedge Hedge Gov't/Credit Merger Arb Gov't/Credit Mrkt Ntrl Mrkt Ntrl Merger Arb Hedge Merger Arb HFRI Emerging Barclays HFRI Emerging HFRI EH: Eq HFRI RV: HFRI RV: Barclays HFRI ED: HFRI Emerging HFRI EH: Eq HFRI EH: Eq HFRI Emerging S&P 500 S&P 500 HFRI Macro Markets Gov't/Credit Markets Mrkt Ntrl ConvertArb ConvertArb Gov't/Credit Distressed Markets Mrkt Ntrl Mrkt Ntrl Markets Source: HFR.
6 Data as of December 31, 2012. Please see Important Disclosures and Disclaimers and Definitions of Comparative Indices and Statistics at the end of the presentation, which provide detailed information regarding information presented herein and form an integral part hereof. Past performance is not a guarantee or indicative of future results.
