David Einhorn, President, Greenlight Capital, Inc., speaks at the Sohn Investment Conference in New York City.Despite coming off one of the worst performing years on record, hedge funds are enjoying renewed interest from investors, who believe there is a market slowdown coming, a JPMorgan survey finds.
The hedge fund industry's exponential growth over the last couple of decades can be at least partially be attributed toTens of billions poured into these funds and their spin-offs, as investors trusted investors like Tiger Management founder Julian Robertson to win big bets in the stock market. For the remainder of 2019, investors want to increase their investments in the hedge fund space, a survey of JPMorgan's institutional investor clients shows, but for equity strategies, quants are preferred, as investors favor the transparent and unemotional way they invest.
Managers have responded already in 2019. Jana Partners closed its stock-picking fund to focus on its activism efforts, and BlueMountain Capital Management cut its long-short fundQuant equity funds are still a hot commodity in investors' eyes, and 21% plan to increase their allocation to computer-controlled funds compared to just 6% decreasing. Strategies that are"agnostic to the markets" can also expect to pick up assets from people leaving stock-picking funds, said Monforth.
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