Alternative investments scorecard

Sources: Bloomberg, Institutional Limited Partners Association (ILPA), © 2021 – Morningstar Direct, All Rights Reserved1, and Wells Fargo Investment Institute, as of September 30, 2021. YTD = year to date. YoY = year over year. For illustrative purposes only. Index returns do not represent investment returns or the results of actual trading nor are they forecasts of expected gains or losses a fund might experience. Index returns do not represent investment performance. Index returns reflect general market results, assume the reinvestment of dividends and other distributions, and do not reflect deduction for fees, expenses or taxes applicable to an actual investment. Unlike most asset class indices, HFR Index returns reflect deduction for fees. Because the HFR indices are calculated based on information that is voluntarily provided actual returns may be lower than those reported. An index is unmanaged and not available for direct investment. Past performance is no guarantee of future results. See the “Index Definitions and Asset Class Risk Disclosures” link above for index definitions.

The Cambridge Index uses a horizon calculation based on data compiled from more than 1,400 institutional-quality buyout, growth equity, private equity energy, and subordinated capital funds formed between 1986 and 2017. The funds included in the index report their performance voluntarily and therefore the index may reflect a bias towards funds with records of success. More information on the limitations of utilizing this Index can be found at the “Index Definitions and Asset Class Risk Disclosures” link above.

1. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Key Takeaways

  • Rolling one-year hedge fund performance has significantly exceeded our expectations based on the Capital Market Assumptions, especially Equity Hedge and Event Driven strategies.