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Top 10 European Hedge Funds between April 2020 and March 2021

We find that Edale Europe Absolute Fund has been the best performing European Hedge Fund after the COVID-19 Financial shock that took place in March 2020.

In this article we rank European Hedge Funds by their cumulative returns between April 2020 and March 2021. The data providers are Eurekahedge and HFR; furthermore, we have only selected funds with AUM greater than 10M USD, a track record longer than 5 years and we have excluded Crypto/Blockchain Hedge Funds.

The list of top performing funds is as follows:

Table 1: List of top 10 European HF.

Rachev Ratio Formula

Source: AlternativeSoft, Eurekahedge and HFR

As we can see from the table above, there is a distinct majority of funds that focus on Equity (6 out 10), 2 funds follow an Event Driven strategy and 2 a Macro strategy.

In the second table below, we have computed the cumulative returns during the aforementioned period and a list of historical statistics computed with a time window starting in January 2015.

Table 2: Cumulative Returns and Historical Statistics Top 10 European HFs.

Graph 1: Performance of two assets with widely different performance

Source: AlternativeSoft, Eurekahedge and HFR.

The cumulative returns of the top 10 European HF range between 109.60% and 274.37%. Edale Europe Absolute Fund has been the best performing fund between April 2020 and March 2021; however, in terms of historical Annualized Return, Edale is the 3rd fund with the 1st place being held by Accendo Capital.

When analysing the consistency of the funds’ performance, we note that while 9 out of the 10 top funds had Annualized Returns greater than 10%, only 3 of the 10 had a Sharpe Ratio greater than unity. Furthermore, some of the funds have high Normal Monthly VaR values, suggesting that although they have performed exceptionally well in this recent 12-months period, they may have failed to consistently achieve remarkable performances in the past.

To conclude, between April 2020 and March 2021, 6 out of 10 best performing European Hedge funds (excluding crypto) were focusing on Equity. During this period all of them have shown exceptional cumulative returns (up to 274% in the 12-months period). However, when looking at historical data, these funds may present a lack of consistency.

N.B. This article does not constitute any professional investment advice or recommendations to buy, sell, or hold any investments or investment products of any kind, and should be treated as more of an illustrative piece for educational purposes.

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