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Investors prefer computer-run hedge funds to traders: study

By
Carleton English
Published Sep. 8, 2016, 11:11 p.m. ET

Investors are unhappy with activist hedge fund performances — unless the fund is run by a computer.

Nearly 80 percent of investors surveyed by Preqin said performance of hedge funds has not lived up to expectations over the last 12 months.

Sentiment was the worst among investors in activist-driven funds as 100 percent of respondents said their fund’s performance fell short of expectations.

There was one bright spot in Preqin’s findings: 92 percent of investors in so-called “systematic CTAs,” which largely use computer-driven models to trade commodities and currencies, said their fund’s performance met expectations.

Performance for CTAs for the first half of the year is 3.27 percent, more than double the performance for Preqin’s all-strategies benchmark, which is up only 1.36 percent.

For the non-CTA funds, the pressure is on to hold on to investor attention and dollars.

As high fees and weak performance weigh on investors’ minds, nearly 39 percent of Preqin respondents said they plan to reduce their exposure to the broader hedge fund industry.