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Dear Alpha Mail Subscriber:
Last month, I wondered if or when the "VIX would return to Earth." But a recent study by one of our guest contributors shows that what's good for one category of hedge funds may not be so good for others. In fact, Mikhail Munenzon, CFA, CAIA finds that a low VIX would be a mixed blessing for Hedgistan.
Other studies that caught our eye last month included one that showed how small pension funds seem to have an advantage over their larger brethren. We also covered surveys of European dark pools, hedge fund regulation, hedge fund marketing and institutional investing.
Before we get to the top 10 AllAboutAlpha.com posts from June, I wanted to also mention a new feature on our website that has been attracting a lot of attention. Our "Search Like an Alpha" feature is a customized search engine designed to search only those sources that have made repeat appearances on our pages (newswires, journals, consulting firms, government sources, academic institutes etc.). Our goal was to avoid all the junk you get when you type things into a generic search engine.
You can define the date range you're looking for (past week, past year etc.) and even search just for PDF'd documents (which generally suggest a higher quality of content). If you think we missed a website, just click "suggest a link" and we'll have a look.
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| Last Month's Most Popular Posts |
- KPMG: "Transformational adjustment" coming to alternative investment industry
A survey by KPMG and International Fund Investment finds that treacherous waters have caused managers, administrators and investors to slow down and adjust their course.
- Don't press that button! You'll turn on all the lights!
"Flash crash" aside, a recent report on alternative trading systems in Europe, particularly dark pools, lends credence to the benefits that electronic trading and opacity can bring to trading and financial markets.
- The performance of hedge funds in different VIX "states"
Do hedge funds like chaos? Some do and some don't according to our guest author today.
- Despite lingering questions, last month's "in-like-a-lion" routine was not as scary for long/short mutual funds
The first week of May was one for the ages. When the volatility lion roared, long-short mutual funds seem to have scattered in all directions.
- Memo to Hedge Fund Marketers: Wait, there is hope...
A new survey of investors shows how competition for institutional assets has changed the culture of hedge fund marketing.
- Study finds small pension funds are totally cleaning up
Most research on the fund management industry focuses on the funds themselves. But when researchers studied the returns experienced by US pension plans, they broke new ground.
- European Fund Regulations: Fad or new de facto global standard?
There have been a lot of surveys on Europe's latest fashion trend: UCITSIII. Today, a guest author reports on some actual hard data on the topic.
- Paranoia: the destroyer of funds of hedge funds, or not?
Funds of hedge funds increasingly seeing single managers as the biggest threat to their livelihood, especially as they become more transparent, more liquid and less costly than before. Is there a reason to be paranoid?
- VC Industry to Congress: "Don't tax me bro!"
The venture capital community says it's a "critical" service that supports job growth and therefore should not succumb to new taxes on many alternative investments. But will Congress buy it?
- From Renaissance to Rates of Return: "Art Beta"
For generations people have wondered "what defines 'art'?". Now we have the answer: 'art beta'...
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I had the pleasure of spending some time with authors Richard Bookstaber ("A Demon of Our Own Design") and Scott Patterson ("The Quants: How a New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed It") at a symposium held in the pastoral hamlet of Niagara-on-the-Lake, Ontario late last month. We were joined by several dozen of Canada's largest pensions and endowments at the annual meeting of the "Niagara Institutional Dialogue". CAIA was well represented through its role as a sponsor and through one of the keynote speakers, author and CAIA Advisory Board Member Angelo Calvello ("Environmental Alpha: Institutional Investors and Climate Change").
It turned out to be a very Canadian month at AllAboutAlpha.com. Aside from chairing the Niagara gathering, I also chaired an asset allocation seminar held by the Bank of Montreal. Once again, I wasn't the only CAIA member on the agenda; Cidel Portfolio Manager Bill McKay also addressed the crowd.
If you live in Chicago and you are a financial advisor or wealth manager, you might want to check out this event hosted by Financial Advisor Magazine and featuring former Goldman Sachs chairman Jon Corzine, Cubs owner Tom Ricketts, and the venerable Roger Ibbotson. I'm moderating a panel on alternative investments and hope to also use my time in the Windy City to meet up with CAIA members and AllAboutAlpha.com readers.
Finally, if you live in Hong Kong, please consider joining me at Hedge Funds World Asia where I'll be sharing the chairmanship responsibilities at this event September 13th to 15th. More to come on that event next month.
Until then, enjoy your summer - and if you have a minute, please test drive our new "Search Like an Alpha" feature and give us your feedback.
Happy Alpha Hunting,
Christopher Holt, Managing Editor
AllAboutAlpha.com
editor@allaboutalpha.com
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July 12, 2010 |  | |
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