We now have sufficient data to present the performance-based rankings for the top-performing strategies in Q1 2022. These rankings are based on unadjusted performance, and even though a particular fund may have the strongest performance it may not be the “best” fund from the perspective of your portfolio.
We use our proprietary performance composites to rank funds, they may contain errors and may not always reflect the official track-record of a particular manager.
CTA
While the general CTA tends to be trend-driven, most of the outliers are driven by specific markets or market effects. Q1 2022 has been dominated by commodity markets and a lot of the best (and worst) managers can found in this CTA sub segment.
The dispersion for the best/worst funds are high, but you may learn something about how they and correlated strategies react to different market developments. To the see full CTA list, with dynamic rankings, please see https://nilssonhedge.com/reports/nilsson-report/cta-rankings/
![Katonah Eve : Long-Short Commodity Program - Accelerated : 37.58% [0.20]<br> Eamon Capital : Zephyr Program : 31.40% [4.38]<br> Quantitative Investment Management : Global Program 3x : 29.06% [123.50]<br> Skylar Capital Management : Natural Gas And Power : 28.00% [303.00]<br> RCMA Capital : Merchant Commodity Fund : 27.35% [413.00]<br> Cayler Capital : Systematic Energy Diversified : 25.16% [9.75]<br> Transtrend BV : Tulip Trend Fund : 24.35% [152.15]<br> QTS Capital Management : Theta Scraper : 24.30% [0.50]<br> Dunn Capital Management : D'Best Futures Fund L.P. : 23.22% [62.00]<br> Mulvaney Capital Management : Global Diversified Program : 21.54% [191.00]<br> Aquantum : Commodity Spread : -8.33% [14.40]<br> ADG Capital Management : ADG Systematic Macro : -8.58% [39.00]<br> ecamos Capital AG : ecamos Volatility Strategy 2X : -8.58% [60.20]<br> Salus : Alpha Directional Markets : -8.91% [0.74]<br> Aquantum : ACS Energies : -9.61% [37.80]<br> SpreadEdge Capital : Diversified Seasonal Spread : -9.66% [1.61]<br> Chelton Wealth : Balanced Compounding : -11.49% [21.07]<br> First Quadrant LP : FQ Macro FX - 20% Risk : -13.44% [94.00]<br> SpreadEdge Capital : Inter-Commodity Spread Program : -14.53% [0.25]<br> Polar Star Management : Polar Star Spectrum Fund Limited : -50.10% [57.00]<br> >](https://nordichedge.com/Database/CTATopBottom10MTD.png)
![Skylar Capital Management : Natural Gas And Power : 28.00% [303.00]<br> Quantitative Investment Management : Global Program 3x : 29.06% [123.50]<br> RCMA Capital : Merchant Commodity Fund : 27.35% [413.00]<br> AIS Capital Management : MAAP 3-6X : 9.06% [75.21]<br> Katonah Eve : Long-Short Commodity Program - Accelerated : 37.58% [0.20]<br> Mulvaney Capital Management : Global Diversified Program : 21.54% [191.00]<br> Cayler Capital : Systematic Energy Diversified : 25.16% [9.75]<br> Transtrend BV : Tulip Trend Fund : 24.35% [152.15]<br> Dunn Capital Management : D'Best Futures Fund L.P. : 23.22% [62.00]<br> AIS Capital Management : MAAP 2-4X : 7.20% [19.91]<br> Aquantum : ACS Energies : -9.61% [37.80]<br> Invest In Vol : Smart Vol : 6.76% [31.27]<br> First Quadrant LP : FQ Macro FX - 20% Risk : -13.44% [94.00]<br> ecamos Capital AG : ecamos Volatility Strategy 2X : -8.58% [60.20]<br> SpreadEdge Capital : Inter-Commodity Spread Program : -14.53% [0.25]<br> Moddco Capital Associates : MCA : -3.60% [0.03]<br> Sizemore Capital Management : Blue Orbit Capital : 0.14% [8.42]<br> 120 Capital Management : Quantamental Global Macro Program : -3.70% [10.20]<br> ABR : Enhanced Short Volatility : 0.09% [12.70]<br> Polar Star Management : Polar Star Spectrum Fund Limited : -50.10% [57.00]<br> >](https://nordichedge.com/Database/CTATopBottom10YTD.png)
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. Compared to the last year, Q1 is not dominated by managers with a significant value bias.
Factor performance tends to dominate the average performance, but specific funds can be exposed to specific strategies that are not captured by academic factors. To explore our extensive Market Neutral list, with dynamic rankings, please see https://nilssonhedge.com/reports/nilsson-report/market-neutral-rankings/
![Not Reported : Dummy Variable : 1.00% [0.00]<br> Not Reported : Dummy Variable : -1.00% [0.00]<br> >](https://nordichedge.com/Database/MarketNeutralTopBottom10MTD.png)
![Not Reported : Dummy Variable : 1.00% [0.00]<br> Not Reported : Dummy Variable : -1.00% [0.00]<br> >](https://nordichedge.com/Database/MarketNeutralTopBottom10YTD.png)
Equity Long/Short
As per common knowledge, half of the returns for Equity Long/Short strategies are driven by the underlying equity markets and as in this quarter, occasionally driven by Macro views.
Performance for the best and worst managers is typically driven by idiosyncratic security-specific situations. To explore our extensive Equity Long/Short list, with dynamic rankings, please see https://nilssonhedge.com/reports/nilsson-report/equity-long-short-rankings/
![Not Reported : Dummy Variable : 1.00% [0.00]<br> Not Reported : Dummy Variable : -1.00% [0.00]<br> >](https://nordichedge.com/Database/EquityLSTopBottom10MTD.png)
![Not Reported : Dummy Variable : 1.00% [0.00]<br> Not Reported : Dummy Variable : -1.00% [0.00]<br> >](https://nordichedge.com/Database/EquityLSTopBottom10YTD.png)
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 https://nilssonhedge.com/reports/nilsson-report/event-driven-rankings/
![Not Reported : Dummy Variable : 1.00% [0.00]<br> Not Reported : Dummy Variable : -1.00% [0.00]<br> >](https://nordichedge.com/Database/EventDrivenTopBottom10MTD.png)
![Not Reported : Dummy Variable : 1.00% [0.00]<br> Not Reported : Dummy Variable : -1.00% [0.00]<br> >](https://nordichedge.com/Database/EventDrivenTopBottom10YTD.png)
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 https://nilssonhedge.com/reports/nilsson-report/fixed-income-rankings/
![Not Reported : Dummy Variable : 1.00% [0.00]<br> Not Reported : Dummy Variable : -1.00% [0.00]<br> >](https://nordichedge.com/Database/FixedIncomeTopBottom10MTD.png)
![Not Reported : Dummy Variable : 1.00% [0.00]<br> Not Reported : Dummy Variable : -1.00% [0.00]<br> >](https://nordichedge.com/Database/FixedIncomeTopBottom10YTD.png)
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 https://nilssonhedge.com/reports/nilsson-report/risk-premia-rankings/
![Catalyst Funds : Systematic Alpha : 6.11% [0.00]<br> Mount Lucas Management Corporation : AlphaCentric Symmetry Strategy : 5.19% [0.00]<br> Schroders : Isf Alternative Risk : 3.50% [494.37]<br> Dynamic Beta Investments : Liquid Alternative (SEI) : 2.42% [356.55]<br> Neuberger Berman : US Equity Put Write : 2.40% [351.23]<br> Man AHL : Alternative Style Premia : 2.28% [357.91]<br> GAM International Management : GAM Systematic Alternative Risk Premia : 1.88% [682.57]<br> AllianceBernstein : Alternative Risk Premia : 1.66% [45.21]<br> DNB Asset Management : DNB Fund Multi Asset : 1.22% [24.00]<br> Credit Suisse Asset Management : Liquid Alternative : 1.18% [672.16]<br> BNP Theam : Absolute Alpha : -0.43% [1.12]<br> BNP Theam : Quant Equity : -0.60% [53.51]<br> Allianz Global Investors : Multi Asset Risk Premia : -0.83% [70.77]<br> Capital Fund Management : Diversified : -1.24% [83.72]<br> Estlander & Partners : Glacies : -2.03% [15.60]<br> Metzler : Alternative Multi Strategy : -2.66% [50.25]<br> LGT Capital Partners : LGT Alpha Generix : -2.93% [40.36]<br> Blackrock : Style Advantage : -3.38% [135.81]<br> AQR Capital Management : Style Premia Alternative : -3.81% [0.00]<br> AQR Capital Management : Style Premia : -5.42% [426.60]<br> >](https://nordichedge.com/Database/RiskPremiaTopBottom10MTD.png)
![AQR Capital Management : Style Premia Alternative : -3.81% [0.00]<br> AQR Capital Management : Style Premia : -5.42% [426.60]<br> Mount Lucas Management Corporation : AlphaCentric Symmetry Strategy : 5.19% [0.00]<br> AQR Capital Management : Alternative Risk Premia : -0.34% [0.00]<br> Nomura : Fixed Income Risk Premia : 1.02% [1.24]<br> Schroders : Isf Alternative Risk : 3.50% [494.37]<br> GAM International Management : GAM Systematic Alternative Risk Premia : 1.88% [682.57]<br> Man AHL : Alternative Style Premia : 2.28% [357.91]<br> Franklin K2 : Athena Risk : 0.00% [15.68]<br> Fulcrum Asset Management : Fulcrum Risk Premia UCITS : 0.67% [37.06]<br> Capital Fund Management : Diversified : -1.24% [83.72]<br> BNP Theam : Absolute Alpha : -0.43% [1.12]<br> Nordea Asset Management : Nordea 1 Alpha 10 MA Fund : -0.14% [6112.80]<br> Loomis Sayles : Alternative Risk Premia : 1.10% [22.31]<br> Lombard Odier Investment Managers : Alternative Risk Premia : -0.02% [9.89]<br> LGT Capital Partners : LGT Alpha Generix : -2.93% [40.36]<br> Blackrock : Style Advantage : -3.38% [135.81]<br> Nordea Asset Management : Nordea 1 Alpha 15 MA Fund : -0.23% [5962.80]<br> Lumyna : Merrill Lynch MCLX : 0.14% [202.71]<br> Estlander & Partners : Glacies : -2.03% [15.60]<br> >](https://nordichedge.com/Database/RiskPremiaTopBottom10YTD.png)
Crypto
As usual Crypto traders are the most volatile managers. Returns tend to be double-digit (or even triple-digit for the best funds), simply due to the volatility of the asset class. To explore our extensive Crypto Strategy list, with dynamic rankings, please see https://nilssonhedge.com/reports/nilsson-report/crypto-strategy-rankings/
For this group of managers, we have found that survivorship has been particular strong, at least this year and more than a few strategies have closed.
![Tjakka : TJAKKA : 165.4% [0.00]<br> DeFicious Index : DEFICIOUS : 63.62% [0.00]<br> cercon1 : CERCON1 : 60.06% [0.00]<br> Principles Karlheinz Niebuhr Funk : PRINCIPLES : 59.32% [0.00]<br> Overthinking KingKong : OVERTHINKING : 48.40% [0.00]<br> CryptoSil : RASMUS1 : 43.42% [0.00]<br> Jan Sander Tabak : GRAZZP GRAZZP : 41.81% [0.00]<br> Restive Rob : RESTIVE : 40.26% [0.00]<br> Best Wind Strategy : ZODIACSTRATEGY : 40.05% [0.00]<br> Astraeus : ASTRAEUS : 40.01% [0.00]<br> Bushido : BUSHIDO : -9.96% [0.00]<br> Future Chain Index : Future Chain Index : -12.01% [0.00]<br> Solidum Capital : Solidum Crypto Quant Strategy : -13.72% [31.27]<br> BENRICK bdog : BENRICK : -14.72% [0.00]<br> Ca6o6opuc : CA6O6OPUC : -15.08% [0.00]<br> AbacusBlock Index : ABACUSBLOCK : -17.26% [0.00]<br> DEFI Hot Potato : DEFIHOTPOTATO : -19.74% [0.00]<br> DrivenByData : ANALYTICODESCRETIO : -20.58% [0.00]<br> Yellow Capital : YELLOWCAPITAL : -29.24% [0.00]<br> Capital PLUS ULTRA Capital : SEMPERINVEST PLUS ULTRA : -32.17% [0.00]<br> >](https://nordichedge.com/Database/CryptoTopBottom10MTD.png)
![Valuenomics : VALUENOMICS : 15.69% [0.00]<br> Best Perform Crypto : BESTPERFORMLAST7D : 15.57% [0.00]<br> Hopeful Futures Fund : TOP15INDEX : 6.72% [0.00]<br> Crown Crypto : CROWNCRYPTOCAPITAL : 30.36% [0.00]<br> Money4me : MONEY4ME : 14.19% [0.00]<br> Flow Capital Flow Capital : FLOWCAPITAL : 5.29% [0.00]<br> VALUE OT : ORGLYNG VALUE OT : 7.64% [0.00]<br> Crypto Fondsen NL : CRYPTOFONDSENNL : 14.53% [0.00]<br> Why not : WHYNOT : 12.34% [0.00]<br> All in or nothing : ALLINORNOTHING : 21.89% [0.00]<br> BENRICK bdog : BENRICK : -14.72% [0.00]<br> Blockchain Fund : MIDCAPGROWTHSECTOR : 15.35% [0.00]<br> Krypton Factor : KRYPTONFACTOR : -8.54% [0.00]<br> Bitcoin Superfund : BITCOINSUPERFUND : -9.68% [0.00]<br> GSR : GSRCRYPTO : 35.52% [0.00]<br> High Reward : HIGHREWARD : -5.11% [0.00]<br> AbacusBlock Index : ABACUSBLOCK : -17.26% [0.00]<br> Capital PLUS ULTRA Capital : SEMPERINVEST PLUS ULTRA : -32.17% [0.00]<br> Future Chain Index : Future Chain Index : -12.01% [0.00]<br> Imperial Eagle Capital : CRACKLORD : 16.11% [0.00]<br> >](https://nordichedge.com/Database/CryptoTopBottom10YTD.png)
Past performance is not indicate of future results.
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