Emerging market hedge funds struggle to find alpha in volatile environment

Emerging market hedge funds had a bad 2011. Markets placed a premium on liquidity vs quality and significant money flowed out of emerging markets as investors became more defensive and risk averse.


Emerging market hedge funds had a rough 2011. In such a macro-driven environment, emerging markets responded faster and harder than their developed market counterparts despite the bulk of risk emanating from outside their domestic markets.

The corresponding underperformance by hedge funds targeting this sector has reawakened the focus on downside protection. However, with valuations currently at low levels, a respite in those macro risks should benefit those with the conviction to stand by their

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