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January 2022 – Best & Worst Hedge Funds

Based on the latest available return data, we can present the best and worst strategies per category, for January 2022. This is calculated from our proprietary composite data streams but may contain errors. These are not filtered for Asset Under Management and are ranked on a simple return metric without adjusting for volatility. We only rank funds that have reported returns for the current reporting month. For a more sophisticated algorithm to find the best funds, we would recommend taking a look at the AlphaWeek Tactical Trading 2022 Awards.


While the general CTA tends to be trend-driven, most of the outliers are driven by specific markets or market effects. The dispersion for the best/worst funds is high, but you may learn something about how they and correlated strategies react to different market developments. This one, there are a few unexpected names, as markets seem to have triggered a lot of different moves.

To the see full CTA list, with dynamic rankings, please see

Quantitative Investment Management : Global Program 3x  :  30.48% [101.50]<br> RCMA Capital : Merchant Commodity Fund  :  19.00% [293.00]<br> P/E Investments : Diversified Global Macro Strategy  :  17.28% [580.00]<br> AIS Capital Management : MAAP 3-6X  :  16.92% [53.17]<br> Mulvaney Capital Management : Global Diversified Program  :  14.70% [161.00]<br> ROE Capital Management : Statera Micro Program  :  11.56% [0.01]<br> The Great O'Neill : Great O'Neill  :  10.72% [1.00]<br> AIS Capital Management : MAAP 2-4X  :  10.56% [16.11]<br> ROE Capital Management : Statera MR Program  :  10.22% [2.60]<br> SysCat Capital : Niche Quantitative Strategies  :  10.20% [2.50]<br> t24 Capital : TCM Global Index Fund  :  -13.72% [25.53]<br> : Alpha Beta Program  :  -14.36% [27.77]<br> Moddco Capital Associates : MCA  :  -14.51% [30.40]<br> Invest In Vol : Smart Vol  :  -15.53% [34.17]<br> 120 Capital Management : Quantamental Global Macro Program  :  -15.60% [10.70]<br> Meyers Capital Management : Meyers Capital Management  :  -15.64% [1.41]<br> QTS Capital Management : Tail Reaper  :  -17.31% [13.26]<br> ABR : Enhanced Short Volatility  :  -17.50% [12.70]<br> Sizemore Capital Management : Blue Orbit Capital  :  -19.00% [10.13]<br> Algocentric Capital : $100000 Program  :  -25.11% [0.85]<br> >

Market Neutral

Market Neutral is one of the least volatile strategies, where returns tend to accumulate over time, rather than printing lumpy returns on the upside or downside. Factor performance tends to dominate the average performance, but specific funds can be exposed to specific strategies that are not captured by academic factors. The comeback of the Value factor seems to have paid of for a number of managers.

To explore our extensive Market Neutral list, with dynamic rankings, please see

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Equity Long/Short

As per common knowledge, half of the returns for Equity Long/Short strategies are driven by the underlying equity markets. Performance for the best and worst managers is typically driven by idiosyncratic security-specific situations. January had a few big names losing a lot of money, including some of the large Multi-strategy funds, but there were also significant winners.

To explore our extensive Equity Long/Short list, with dynamic rankings, please see

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Event Driven

Event-Driven managers are commonly exposed to various arbitrage/spread risks related to specialist situations securities. Managers with concentrated exposure tend to end up on this list and exploring the drivers of out or underperformance may yield insights.

To explore our extensive Event-Driven list, with dynamic rankings, please see

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Fixed Income

Like Equity Long/Short managers, Fixed Income managers are usually driven by the underlying market conditions. For this list, we typically find managers that are sensitive to a specific subsector, and especially managers that are engaged in the lowest part of the capital structure.

To explore our extensive Fixed Income list, with dynamic rankings, please see

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Risk Premia

Risk Premia managers are commonly implemented well explored and researched systematic strategies. These may be viewed as a general proxy for Hedge Fund exposure. Performance of specific factors may reveal differences and similarities to your own portfolio. To explore our extensive Risk Premia list, with dynamic rankings, please see

AQR Capital Management : Style Premia  :  15.76% [426.60]<br> AQR Capital Management : Style Premia Alternative  :  14.07% [0.00]<br> AQR Capital Management : Alternative Risk Premia  :  7.01% [0.00]<br> Franklin K2 : Athena Risk  :  2.26% [15.68]<br> Man AHL : Alternative Style Premia  :  1.80% [357.91]<br> Wells Fargo : Alternative Risk  :  1.42% [0.00]<br> Blackrock : Style Advantage  :  1.32% [135.81]<br> Fulcrum Asset Management : Fulcrum Risk Premia UCITS  :  1.19% [1100.00]<br> Unigestion : Alternative Risk  :  0.90% [8.29]<br> Wells Fargo : Alternative Risk Premia  :  0.82% [25.65]<br> BNP Theam : Absolute Alpha  :  -2.99% [1.12]<br> Goldman Sachs Management : Alternative Premia  :  -3.30% [0.00]<br> Credit Suisse Multialternative : Credit Suisse Multialternative  :  -3.32% [0.00]<br> Nordea Asset Management : Nordea 1  Alpha 15 MA Fund  :  -3.64% [5962.80]<br> Loomis Sayles : Alternative Risk Premia  :  -4.07% [22.31]<br> Lombard Odier Investment Managers : Alternative Risk Premia  :  -4.29% [9.89]<br> Neuberger Berman : US Equity Put Write  :  -4.30% [351.23]<br> BNP Theam : Quant Equity  :  -4.42% [53.51]<br> Lumyna : Merrill Lynch MCLX  :  -5.56% [202.71]<br> Catalyst Funds : Systematic Alpha  :  -9.42% [0.00]<br> >


As usual Crypto traders are the wildest bunch on the street. Returns tend to be double-digit (or even triple-digit for the best funds), simply due to the volatility of the asset class. Making money in January, as a Crypto Trader turned out to be difficult, but a number of strategies managed to trade profitable.

To explore our extensive Crypto Strategy list, with dynamic rankings, please see

Lavaliere Capital Management : Lavaliere Capital Fund  :  14.80% [49.60]<br> Napoleon Crypto : Dynamix ETH-BTC-USD AR Hourly  :  12.97% [3.00]<br> VALUE OT : ORGLYNG VALUE OT  :  8.66% [0.00]<br> Crypto Fondsen NL : CRYPTOFONDSENNL  :  8.62% [0.00]<br> Growth Equally Weighted Fund : GROWTHINDEXEQUALLYWEIGHTED  :  7.29% [0.00]<br> Cypher Asset : Diversified Alpha  :  5.33% [1.55]<br> Pythagoras Management Company : Crypto Token  :  3.85% [14.00]<br> Pythagoras Management Company : Crypto Token Class B  :  3.43% [0.00]<br> DeFicious Index : DEFICIOUS  :  3.42% [0.00]<br> Growing Capital : GROWINGCAPITAL  :  3.41% [0.00]<br> Glitter coin : GLITTERCOIN  :  -44.12% [0.00]<br> PatientMoon : MIXEDS  :  -45.07% [0.00]<br> Ca6o6opuc : CA6O6OPUC  :  -46.34% [0.00]<br> Handigepeet : HUIJKL  :  -46.53% [0.00]<br> Falenti Roman : FALENTI  :  -48.66% [0.00]<br> TheCryptoOwl Strategy : THECRYPTOOWL  :  -49.54% [0.00]<br> BullRun CrypoLoco : BULLRUN  :  -51.26% [0.00]<br> Imperial Eagle Capital : CRACKLORD  :  -52.69% [0.00]<br> GSR : GSRCRYPTO  :  -55.55% [0.00]<br> Notfinancialadvice CL : NOTFINANCIALADVICE  :  -57.56% [0.00]<br> >

Past performance is not indicative of future results.

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