Live To Tell A Tale

June 7, 2021

The Reaper Fund generated gross returns of 0.05% in May predominantly through making bets on the US Dollar and investing in alternative asset classes. This extended returns throughout the year to 46.71%.

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CHICAGO, (June 7, 2021) – Hedge funds extended performance gains in May for the eighth consecutive month as investor optimism accelerated regarding the US economic reopening and despite signs of building inflationary pressures in the US and Europe. The HFRI Fund Weighted Composite Index® (FWC) gained +1.7 percent in May, while the investable HFRI 500 Fund Weighted Composite Index advanced +1.5 percent, according to data released today by HFR®, the established global leader in the indexation, analysis and research of the global hedge fund industry. 

The HFRI FWC has gained +9.9 percent through the first five months of 2021, the strongest YTD performance through May since 1996 and the longest period of consecutive monthly gains (8) since the index produced 15 consecutive positive months ending January 2018. In the trailing eight-month period, the HFRI FWC has surged +21.9 percent, representing the third strongest such period on record.

The performance dispersion of the underlying index constituents contracted again in May, as the top decile of the HFRI gained an average of +8.7 percent, while the bottom decile declined by an average of -3.1 percent for the month, representing a top-bottom dispersion of 11.8 percent. By comparison, the top-bottom dispersion in the first four months of the year averaged 17.0 percent. 

Uncorrelated Macro funds led HFRI FWC main strategies in May, driven by discretionary thematic, fundamental Commodity, and trend-following CTA strategies. The HFRI Macro (Total) Index gained +2.3 percent for the month, while the investable HFRI 500 Macro (Total) Index advanced +2.1 percent. Macro sub-strategy performance was led by the HFRI Macro: Discretionary Thematic Index, which surged +3.7 percent in May, the HFRI Macro: Multi-Strategy Index, which advanced +2.4 percent, and the HFRI Macro: Trend-Following Index, which added +2.3 percent.

Event-Driven strategies, which often focus on out-of-favor, deep value equity exposures and speculation on M&A situations, extended the recent surge into 2Q21 as the investable HFRI 500 Event-Driven Index advanced +1.3 percent in May, while the HFRI Event-Driven (Total) Index gained +1.6 percent. ED sub-strategy gains were led by Shareholder Activist, Distressed/Restructuring, and Special Situations, strategies which categorically trade in deep value equity situations, including companies which are possible targets for restructuring, acquisitions, or investor-driven strategy shifts. The HFRI ED: Activist Index advanced +2.6 percent, the HFRI ED: Distressed/Restructuring Index gained +2.5 percent, and the HFRI ED: Special Situations Index added +2.0 percent in May.

Equity Hedge strategies, which invest long and short across specialized sub-strategies, accelerated recent gains in May, despite an increase in equity volatility associated with rising inflationary pressures. The HFRI Equity Hedge (Total) Index jumped +1.5 percent for the month, with strong contributions from a wide dispersion of sub-strategy performance led by the high-beta, long-biased Energy, Fundamental, and Multi-Strategy exposures. The investable HFRI 500 Equity Hedge Index gained +1.2 percent in May, extending its 8-month gain to +24.5 percent. The HFRI EH: Energy/Basic Materials Index surged +3.1 percent, the HFRI EH: Fundamental Value Index advanced +2.2 percent, and the HFRI EH: Multi-Strategy Index added +1.9 percent in May. 

The fixed income-based, interest rate-sensitive HFRI Relative Value (Total) Index gained +1.1 percent while the investable HFRI 500 Relative Value Index advanced +1.0 percent as signs of building inflationary pressures emerged in May. Sub-strategy performance was led by the HFRI RV: Yield Alternatives Index, which vaulted +4.1 percent for the month, and the investable HFRI 500 RV: Asset Backed Index, which advanced +1.4 percent.

The HFRI Emerging Markets (Total) Index jumped +2.8 percent in May, driven by the HFRI EM: Latin America Index, which vaulted +3.7 percent, the HFRI EM: MENA Index, which gained +3.6 percent, and the HFRI EM: Russia/Eastern Europe Index, which added +2.8 percent.

Risk Premia and Liquid Alternatives also posted gains in May, led by Commodity and Rates exposures. The HFR BSRP Commodity Index gained +2.9 percent for the month, while the HFR BSRP Rates Index advanced +2.7 percent. The HFRI-I Liquid Alternative UCITS Index advanced +0.5 percent in May, driven by a +0.8 percent gain in the HFRI-I UCITS Macro Index. Risk Parity posted its third consecutive months of gains in May, as the HFR Risk Parity Vol 15 Index surged +4.3 percent for the month, following gains of +6.9 and +1.2 percent in April and March, respectively.

The HFRI Women Index advanced +1.4 percent in May, while the HFRI Diversity Index added +1.3 percent.

"Hedge funds advanced in May for the eighth consecutive month, extending the strongest calendar year start since 1996, posting gains despite increased equity market volatility and rising inflationary pressures", stated Kenneth J Heinz, President of HFR. "Hedge funds have effectively transitioned exposures and positioning globally for a post-pandemic macroeconomic and geopolitical environment, encompassing both ongoing risks associated with virus variant and mutations, as well as evolving opportunities associated with a robust reopening across global and regional economies in coming months. Managers are currently navigating this environment with an emphasis and focus on inflation/interest rate sensitivity and equity volatility management. Funds which are able to demonstrate their specialized capabilities are likely to attract capital from leading global institutions seeking to manage these risks and access these opportunities."

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May 7, 2021

Hedge funds advanced in April for the seventh consecutive month on strong corporate earnings and investor optimism regarding the US economic reopening, extending gains from both 1Q21 and FY20. The HFRI Fund Weighted Composite Index® (FWC) gained +2.7 percent in April, while the investable HFRI 500 Fund Weighted Composite Index advanced +2.3 percent, according to data released today by HFR®, the established global leader in the indexation, analysis and research of the global hedge fund industry.

The HFRI FWC has gained +8.7 percent through the first four months of 2021, the strongest YTD performance through April since 1999 and the longest period of consecutive monthly gains (7) since the index produced 15 consecutive months ending January 2018. In the trailing seven-month period, the HFRI FWC has surged +20.5 percent, representing the 2nd strongest such period on record, as only the seven-month period ending March 2000 (+24.1 percent) was stronger.

The performance dispersion of the underlying index constituents contracted in April, as the top decile of the HFRI gained an average of +10.3 percent, while the bottom decile declined by an average of -1.8 percent for the month, representing a top-bottom dispersion of 12.1 percent. By comparison, the top-bottom dispersion in March was 15.9 while February saw dispersion of 20.2 percent.

Equity Hedge strategies, which invest long and short across specialized sub-strategies, accelerated recent gains in April, as strong corporate earnings and optimism over the US economic reopening drove equities to record levels. The HFRI Equity Hedge (Total) Index surged +3.2 percent for the month, with strong contributions from a wide dispersion of sub-strategy performance led by the high-beta, long-biased Quantitative, Technology and Fundamental exposures. The investable HFRI 500 Equity Hedge Index gained +2.6 percent in April, extending the 7-month gain to +22.8 percent. The HFRI EH: Quantitative Directional Index surged +5.4 percent and the HFRI EH: Technology Index jumped +4.1 percent in April, while the HFRI EH: Fundamental Growth Index and HFRI EH: Fundamental Value Index advanced +3.6 and +3.5 percent, respectively, for the month.

Uncorrelated Macro strategies also advanced in April, driven primarily by fundamental Commodity and trend-following CTA strategies. The HFRI Macro (Total) Index jumped +2.7 percent for the month, while the investable HFRI 500 Macro Index advanced +2.3 percent. Macro sub-strategy performance was led by the HFRI Macro: Commodity Index, which surged +5.4 percent and the HFRI Macro: Systematic Diversified/CTA Index, which added +3.0 percent for the month.

Event-Driven strategies, which often focus on out-of-favor, deep value equity strategies and situations, extended the recent surge into 2Q21 as the investable HFRI 500 Event-Driven Index advanced +2.6 percent in April, while the HFRI Event-Driven (Total) Index gained +2.4 percent. ED sub-strategy gains were again led by Special Situations and Merger Arbitrage, strategies which categorically trade in deep value equity situations, including companies which are possible targets for restructuring, acquisitions or investor-driven strategy shifts. The HFRI ED: Special Situations Index advanced +3.1 percent in April, while the HFRI ED: Merger Arbitrage Index added +2.8 percent.

The fixed income-based, interest rate-sensitive HFRI Relative Value (Total) Index gained +1.5 percent while the investable HFRI 500 Relative Value Index advanced +1.1 percent in April. Sub-strategy performance was led by the HFRI RV: Yield Alternatives Index, which vaulted +4.0 percent for the month, and the investable HFRI 500 RV: Asset Backed Index, which advanced +1.4 percent.

Extending the recent surge into 2Q, Blockchain and Cryptocurrency exposures continued to deliver strong performance as cryptocurrencies reached record highs and as hedge funds increasingly incorporated related exposures into new and existing fund strategies. The HFR Cryptocurrency Index surged +50.6 percent in April to bring YTD performance to +261.9 percent.

Risk Premia and Liquid Alternatives also posted gains in April, led by Multi-Asset and Commodity exposures. The HFR BSRP Multi-Asset Index gained +6.0 percent for the month, while the HFR BSRP Commodity Index advanced +4.4 percent. The HFRI-I Liquid Alternative UCITS Index advanced +1.2 percent in April, driven by a +2.0 percent gain in the HFRI-I UCITS Event Driven Index.

"Hedge funds extended record 2021 performance in April, including gains trailing back to 2H20, with broad-based contributions across all strategies concentrated in Equity Hedge, Macro, Technology, Cryptocurrency and Special Situations, as strong corporate earnings combined with increasing optimism over the U.S.-led global economic reopening," stated Kenneth Heinz, President of HFR. "Through the seven consecutive months of gains, hedge funds have navigated multiple market cycles (both positive and negative), including a new US political administration, unprecedented fiscal stimulus initiatives, additional virus mutations/variants, and a sharp increase in heavily-shorted, deep value equities driven by retail trading platforms. It is likely that these powerful macroeconomic and geopolitical trends and risks will continue to evolve throughout 2021, creating opportunities for institutions to allocate to fund managers that are well positioned for this environment and that have demonstrated performance success over through recent periods of volatility."

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April 8, 2021

The Reaper Fund generated gross returns of 3.22% in March pushing returns for the year to 46.64% predominantly through making bets on transportation and logistics companies. We took advantage of our convertible arbitrage strategies and the volatility in the market whilst paying attention to macroeconomic and geopolitical developments.

 

Hedge funds advanced in March for the sixth consecutive month despite acceleration in realized equity market volatility, completing a strong 1Q 2021. Recent strong performance has been driven by exposure to out-of-favor, deep value equities, as well as by optimism over the impacts of a broader economic reopening, increased cryptocurrency exposure and increased stimulus spending. The HFRI Fund Weighted Composite Index® (FWC) gained +1.0 percent in March, while the investable HFRI 500 Fund Weighted Composite Index advanced +0.65 percent, according to data released today by HFR®, the established global leader in the indexation, analysis and research of the global hedge fund industry.

The HFRI FWC gained +6.1 percent in 1Q21, the strongest 1Q since 2000 and the fifth strongest 1Q return since index inception. Similarly, the HFRI FWC has surged +17.5 percent in the trailing five months, the strongest such return since the five-month period ending March 2000. The performance dispersion of the underlying index constituents narrowed in March, as the top decile of the HFRI gained an average of +8.6 percent, while the bottom decile declined by an average of -6.2 percent for the month, representing a top-bottom dispersion of 14.8 percent. By comparison, the top-bottom dispersion in February was 20.3 percent, and January was 19.8 percent.

Event-Driven strategies, which often focus on out-of-favor, deep value equity strategies and situations, extended gains through 1Q as the HFRI Event-Driven (Total) Index gained +1.85 percent in March, while the investable HFRI 500 Event-Driven Index advanced +0.43 percent. ED sub-strategy gains were again led by Activist and Special Situations, strategies which categorically trade in deep value equity situations, including companies which are possible targets for restructuring, acquisitions or investor-driven strategy shifts. The HFRI ED: Activist Index advanced +3.0 percent in March, while the HFRI ED: Special Situations Index added +2.3 percent. Equity Hedge strategies, which invest long and short across specialized sub-strategies, also extended gains in March as the influence of retail investors increased trading volumes and investors continued to expand their focus to a wider range of individual equities.

The HFRI Equity Hedge (Total) Index advanced +1.1 percent for the month, with strong contributions from a wide dispersion of sub-strategy performance led by the high-beta, long-biased Quantitative, Energy, and Fundamental Value exposures. The HFRI EH: Quantitative Directional Index surged +5.0 percent in March, the HFRI EH: Energy/Basic Materials Index advanced +2.6 percent, and the HFRI EH: Fundamental Value Index added +2.0 percent.

Uncorrelated Macro strategies also advanced in March, driven primarily by trend-following CTAs strategies. The investable HFRI 500 Macro Index gained +0.9 percent for the month, while the HFRI Macro (Total) Index added +0.7 percent. Macro sub-strategy performance was led by the HFRI Macro: Multi-Strategy Index, which advanced +1.7 percent, the HFRI Macro: Active Trading Index, which returned +1.5 percent, and the HFRI Macro: Systematic Diversified/CTA Index, which added +1.7 percent for the month.

The fixed income-based, interest rate-sensitive HFRI Relative Value (Total) Index and investable HFRI 500 Relative Value Index each advanced +0.7 percent in March. Sub-strategy performance was led by the investable HFRI 500 RV: Volatility Index, which advanced +1.3 percent, and the HFRI 500 RV: Fixed Income Asset-Backed Index, which advanced +0.9 percent.

Extending the 1Q21 surge, Blockchain and Cryptocurrency exposures continued to deliver strong performance as cryptocurrencies reached record highs and as hedge funds increasingly incorporated related exposures into new and existing fund strategies. The HFR Blockchain Composite Index and HFR Cryptocurrency Index each surged over +23.0 percent in March.

Risk Premia and Liquid Alternatives also posted gains in March, led by Credit and Equity exposures. The HFR BSRP Credit Index gained +5.2 percent for the month, while the HFR Bank Systematic Risk Premia Equity Index advanced +4.3 percent. The HFRI-I Liquid Alternative UCITS Index advanced +0.3 percent in March, driven by a +0.9 percent gain in the HFRI-I UCITS Macro Index.

 

March 6, 2021

The Reaper Fund generated gross returns of 5.75% in February. Fears of higher inflation had a significant impact on returns as a sell-off in government bonds was invigorated which led to an increase in yields. Bank Of England's chief economist, Andy Haldane, warned that an inflationary "tiger" might be on the loose, which means that borrowing costs could be raised sooner than markets expect. US Treasury yields have also surged on expectations of stronger economic growth and higher inflation in the wake of the $1.9 trillion fiscal stimulus package proposed by President Joe Biden. 

The Labor Department on Friday morning reported that the U.S. economy generated 379,000 new jobs in February, well above forecasts of 210,000 nonfarm payroll additions. The unemployment rate dipped at 6.2%, lower than 6.3% expected. 

March offers opportunities for stocks which should benefit most from the economy reopening like travel-related stocks and restaurants.

 

Hedge funds surged in February to extend January gains as interest rates, commodity prices, and expectations for the reemergence of inflation all increased. The HFRI Fund Weighted Composite Index® (FWC) gained +4.1 percent in February, while the investable HFRI 500 Fund Weighted Composite Index advanced +3.2 percent, according to data released today by HFR®, the established global leader in the indexation, analysis and research of the global hedge fund industry.

Consistent with the previous month, the HFRI FWC experienced a wide dispersion in constituent performance, as the top decile of the HFRI gained +16.3 percent, while the bottom decile declined -3.1 percent for the month. As reported previously by HFR, total hedge fund capital jumped to $3.6 trillion to begin 2021, a 4Q20 increase of $290 billion, representing the largest quarterly asset growth in industry history. Estimated 4Q20 net asset inflows totaled $3.0 billion, bringing total inflows for the second half of 2020 to an estimated $16.0 billion.

Equity Hedge strategies, which invest long and short across specialized sub-strategies, led February performance as the influence of retail investors increased trading volumes and investors expanded their focus to a wider range of individual equities. The HFRI Equity Hedge (Total) Index surged +4.8 percent for the month, with strong contributions from a wide dispersion of sub-strategy performance led by the high-beta, long-biased Energy, Fundamental Value, and Technology exposures. Following strong January gains, the HFRI EH: Energy/Basic Materials Index surged +9.7 percent in February, while the HFRI EH: Fundamental Value Index spiked +6.4 percent and the HFRI EH: Sector-Technology Index added +4.4 percent.

Event-Driven strategies, which often focus on out of favor, deep value equity strategies and situations, accelerated January gains into February, with the investable HFRI 500 Event-Driven Index surging +2.8 percent for the month, while the HFRI Event-Driven (Total) Index gained +3.6 percent. ED sub-strategy gains were led by Activist, Special Situations, and Credit Arbitrage exposures, strategies which categorically trade in deep value equity situations, including companies which are possible targets for restructuring, acquisitions or investor-driven strategy shifts. The HFRI ED: Activist Index surged +8.3 percent in February, while the HFRI ED: Special Situations Index advanced +4.1 percent, and the HFRI ED: Credit Arbitrage Index added +2.7 percent.

Uncorrelated Macro strategies also posted a strong gain in February, driven by trend-following CTAs and fundamental Commodity-focused strategies. The HFRI Macro (Total) Index jumped +3.6 percent, while the investable HFRI 500 Macro Index spiked +3.7 percent. Driven by strong trends in interest rates, Macro sub-strategy performance was led by the HFRI Macro: Systematic Diversified/CTA Index, which gained +4.4 percent for the month, and the HFRI Macro: Commodity Index, which added +4.1 percent.

The fixed income-based, interest rate-sensitive HFRI Relative Value (Total) Index gained +2.3 percent in February, while the HFRI 500 Relative Value Index advanced +1.5 percent for the month, led by the investable HFRI 500 RV: Volatility Index, which jumped +3.0 percent, and the HFRI 500 RV: Fixed Income-Convertible Arbitrage Index, which advanced +2.4 percent. Extending the January surge, Blockchain and Cryptocurrency exposures continued to deliver strong performance as cryptocurrencies reached record highs and as hedge funds increasingly incorporated related exposures into new and existing fund strategies. The HFR Blockchain Composite Index and HFR Cryptocurrency Index each surged nearly +30.0 percent in February.

Risk Premia and Liquid Alternatives also gained in February, led by multi-asset and commodity exposures. The HFR Bank Systematic Risk Premia Multi-Asset Index advanced +7.9 percent for the month, while the HFR BSRP Commodity Index gained +3.3 percent. The HFRI-I Liquid Alternative UCITS Index advanced +1.05 percent in February, driven by a +1.8 percent gain in the HFRI-I UCITS Event Driven Index.

"Recent hedge fund gains accelerated through February, marking the strongest 4-month period in over 20 years as the drivers of performance widened to include not only Event Driven and Equity Hedge, but also captured strong positive contributions from trend-following Macro and interest rate-sensitive Relative Value Arbitrage strategies", stated Kenneth J. Heinz, President of HFR. "New stimulus measures, increasing vaccinations, and uncertainty with regards to immigration and energy policy have shifted macroeconomic and geopolitical volatility to include not only the single stock or asset trends from concentrated, increased retail trading but also cryptocurrency trading, energy exposure and interest rate/inflation sensitivity. Institutional investors are likely to continue expanding allocations to leading hedge fund managers as a mechanism to gain specialized exposure to these and other powerful trends through mid-2021".

 

February 8, 2021

1Stock's Reaper Fund generated gross returns of 34.96% in January 2021 predominantly by taking advantage of increased market volatility, positive news around COVID-19 vaccines, improving economic data, and expectations of further stimulus continued to prop up overall market sentiment, especially in emerging Asia, leading emerging market equities to gain 3.1% last month, according to the MSCI Emerging Markets Index.

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Hedge funds advanced in January to begin 2021, actively trading through a turbulent month dominated by a volatile surge in trading from retail investors concentrated in a handful of deep value equities with significant short interest. The HFRI Fund Weighted Composite Index® (FWC) gained +0.9 percent in January, while the investable HFRI 500 Fund Weighted Composite Index advanced +0.35 percent, according to data released today by HFR®, the established global leader in the indexation, analysis and research of the global hedge fund industry.

Reflecting the powerful trading trends, the HFRI FWC experienced a wide dispersion in constituent performance, as the top decile of the HFRI gained +11.6 percent, while the bottom decile declined -7.8 percent for the month. As reported previously by HFR, total hedge fund capital jumped to $3.6 trillion to begin 2021, a 4Q20 increase of $290 billion, representing the largest asset growth in industry history. Estimated 4Q20 net asset inflows totaled $3.0 billion, bringing total inflows for the second half of 2020 to $16.0 billion.

Event-Driven strategies, which often focus on out of favor, deep value equity strategies and situations, led strategy performance in January, with the investable HFRI 500 Event-Driven Index surging +3.0 percent for the month, while the HFRI Event-Driven (Total) Index gained +2.8 percent. ED sub-strategy gains were led by Merger Arbitrage, Special Situations, and Distressed exposures, strategies which categorically trade in deep value equity situations, including companies which are possible targets for restructuring, acquisitions or investor-driven strategy shifts. Following strong performance in 4Q20, the HFRI ED: Merger Arbitrage Index surged +4.0 percent in January, the HFRI ED: Special Situations Index advanced +3.8 percent, and the HFRI ED: Distressed Index added +2.6 percent. The investable HFRI 500 ED: Special Situations Index jumped +6.2 percent for the month, and the HFRI 500 ED: Merger Arbitrage Index advanced +5.1 percent.

The fixed income-based HFRI Relative Value (Total) Index gained +1.3 percent in January, while the HFRI 500 Relative Value Index advanced +1.2 percent for the month, led by the investable HFRI 500 RV: Fixed Income-Convertible Arbitrage Index, which jumped +3.5 percent, and the HFRI RV: Yield Alternatives Index, which added +4.0 percent.

Following the 2020 surge, Blockchain and Cryptocurrency exposures continued to deliver strong performance as cryptocurrencies hit record highs and as hedge funds increasingly incorporated related exposures into new and existing fund strategies. The HFR Blockchain Composite Index and HFR Cryptocurrency Index each surged over +48.0 percent in January.

Through intense stock volatility, the HFRI Equity Hedge (Total) Index advanced +0.8 percent for the month. Equity Hedge funds experienced a wide dispersion of sub-strategy performance led by the high beta, long-biased Energy and Fundamental Growth exposures. Following strong 4Q20 gains, the HFRI EH: Energy/Basic Materials Index surged +4.8 percent in January, while the HFRI EH: Fundamental Growth Index added +2.3 percent. Partially paring these gains, the HFRI EH: Sector-Technology Index declined -1.1 percent, and the HFRI EH: Multi-Strategy Index fell -0.8 percent for the month.

Risk Premia, Risk Parity and Liquid Alternatives produced mixed performance in January, led by equity and commodity exposures. The HFR Bank Systematic Risk Premia Equity Index advanced +2.2 percent for the month, while the HFR BSRP Commodity Index gained +1.6 percent. The HFR Risk Parity Vol 12 Institutional Index fell -0.2 percent in January, while the HFRI-I Liquid Alternative UCITS Index posted a narrow loss of -0.14 percent for the month, driven by the -0.3 percent decline in the HFRI-I UCITS Macro Index.

Uncorrelated Macro strategies posted a narrow gain in January, with the HFRI Macro (Total) Index advancing +0.2 percent, while the HFRI 500 Macro Index added +0.1 percent. Macro sub-strategy performance was led by the HFRI Macro: Discretionary Thematic Index, which gained +1.8 percent for the month, and the HFRI Macro: Multi-Strategy Index, which added +1.1 percent.

"Hedge funds effectively navigated the idiosyncratic stock trading volatility which focused on deep value equities with high short interest, with this trend driving gains across Event Driven strategies which categorically focus on inexpensive, out of favor equities that are experiencing fundamental, structural transition in the underlying businesses. While certain sub-strategies declined in January, as is evidenced by the wide dispersion in performance, as a direct result of the size, breadth and diverse nature of hedge fund strategies, overall industry performance was positive for the month," stated Kenneth J. Heinz, President of HFR. "While significant financial market attention has been focused on a handful of funds and small number of equities impacted by these recent trading trends, the overall hedge fund industry is comprised of over 9,100 funds managing nearly $3.6 trillion across a highly diverse range of strategies, which include significant capital exposure to out of favor, deep value equities. With an emphasis also on opportunistic positioning and sustained capital appreciation achieved through specialized long-short portfolio management, leading institutions are likely to continue expanding allocations to hedge funds as a tool for achieving their long-term portfolio objectives."

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We look forward to providing long term growth and financial security for our investors.

 

Nixon Kitimoi,

Chief Investment Officer. 

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