![]() ![]() It is a benchmark for Crescat Large Cap Composite. This index contains many of the same securities as the S&P 500 but is broader and includes some mid-cap companies. It is a commonly followed index among institutions. It represents a broad scope of companies across all sectors of the economy. The Russell 1000 is a market-cap weighted index of the 1,000 largest companies in US equity markets. based, most of them have broad global operations so the index is representative of the broad global economy. It is a benchmark for the Crescat Large Cap Composite, the Crescat Long/Short Hedge Fund Composite, and the Crescat Global Macro Hedge Fund Composite. It is a market-cap-weighted index of the 500 largest and most liquid companies listed on the NYSE and NASDAQ exchanges. It is considered representative of the U.S. The S&P 500 Index is perhaps the most commonly followed stock market index. It is a benchmark for Crescat’s Global Macro Hedge Fund Composite. It is a trade-able index of actual hedge funds. ![]() The index is weighted based on the distribution of assets in the global hedge fund industry. The HFRX Global Hedge Fund Index represents a broad universe of hedge funds with the capability to trade a range of asset classes and investment strategies across the global securities markets. The HFRX Equity Hedge Index is a benchmark for the Crescat Long/Short Fund. They may be broadly diversified or narrowly focused on specific sectors and can range broadly in terms of levels of net exposure, leverage employed, holding period, concentrations of market capitalizations and valuation ranges of typical portfolios. Managers of funds in the index employ a wide variety of investment processes. The HFRX Equity Hedge Index represents an investable index of hedge funds that trade both long and short in equity securities. For example, if two hedge fund managers each outperformed the S&P 500 Index by 5%, but manager A took 25% less market risk than manager B (25% lower Beta), then manager A would have delivered higher risk-adjusted performance as measured by Alpha. Check out Crescat’s Alpha relative to the S&P 500 in our Global Macro Hedge Fund and in all of our strategies. All else equal, a higher Alpha is achieved when a manager outperforms the benchmark while taking less market risk. Alpha (aka Jensen’s Alpha)Īlpha is a measure of how much value is added by an active investment manager through stock picking, security selection, application of macro themes, longs versus shorts, etc. Alpha is a measure of a manager’s excess returns over a benchmark, adjusted by how much benchmark-related risk (Beta) that the manager took. Our investment strategies utilize diverse and uncorrelated fundamental drivers, aiming to outperform benchmarks on a risk-adjusted basis over the long run through both bull and bear markets. If a manager is simply copying the holdings of a benchmark, is he or she adding value? At Crescat, our goal is not to match the performance of our benchmarks. Percent of a fund’s portfolio that differs from its benchmark. Visit the SEC’s Website for complete details. Accredited investors also include banks, charitable organizations, insurance companies, trusts, and employee benefit plans. Those investors are individuals who earn more than $200,000 per year (or joint income with a spouse of $300,000) or have a net worth exceeding $1 million, excluding primary residence. Private hedge funds, which are exempt from registration with SEC, may only be purchased by persons who are accredited investors. ![]()
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