Hedge funds levered up in 2018

European Union hedge funds became more leveraged in 2018, a report by the European Securities and Markets Authority (Esma) shows.

Adjusted leverage for these funds, a measure that excludes interest rate derivatives, was 1,052% of aggregate net asset values in 2018, compared with 781% in 2017. Factoring in these derivatives, hedge funds were levered 5,514% in 2018 and 4,491% in 2017.

Relative value and macro strategy funds were the most levered on the adjusted basis at 7,155% and 1,479%

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