This is an update we do every once in awhile that lists some of the the alternative mutual funds and ETF/ETNs. Most really fail to deliver any value, but a few do a good job. I long ago gave up talking about the foreign listed hedge funds, there didn’t seem to be much interest.
We had an ETN that was going to launch with one of the top media groups in the world (which also would have gotten around the PFIC issues (which is also why PFP shut down)), but last Fall happened and they pulled the plug. Shortsighted and a major shame. (Not to mention the OTHER ETF we had a NYSE launch date for, I’m guessing you can figure out what strategy that was on?)
If there are any I am missing leave a comment and I’ll add to the table (I realize I’m probably missing a ton of the L/S guys…any good ones?).
I fixed one or two errors, then added gold stars to the funds that did well – mostly in market neutral, merger arb, and managed futures. Note how poor long/short funds did… :
Great list– I'm still under the impression that we're seeing an etf creation bubble that gives retail investors exposure to assets that they don't really need– and the etfs are not an efficient vehicle to do so.
what constitutes criteria for the star? e.g., CVSIX lost money over the 2 years but was still starred.
I would suggest two other funds, ASFIX and AOFOX. They have done much better than the broad hedge fund indexes. I would also put Rob Arnott's All Asset strategies in the alternative universe as well. All four have added value since their inception.
PFTRX under alpha funds
Good list Meb– you should add PBP under Long/Short– up ~20% YTD
Two other Covered Call Mutual Funds from Eaton Vance — EROAX (open end version of ETJ) and EEEAX. I prefer EROAX and the hedge 100% of the market and write calls on 2/3rds of the portfolio.
Two other Covered Call Mutual Funds from Eaton Vance — EROAX (open end version of ETJ) and EEEAX. I prefer EROAX and the hedge 100% of the market and write calls on 2/3rds of the portfolio.