Sic transit annus horribilis

Sagitta Asset Management put it best in December - 2004 would be remembered by many as providing horrendous conditions for hedge funds.

Rising rates - a Fed Funds rate at 2.26% compared to 1.01% at the start of the year - mixed with falling volatility (VIX index down 42% from its March high for 2004) - and tightening credit spreads came together with trendless markets and an oil price up 33% in 2004 to 17 December.

Most managers have ridden out the storm, and some, such as emerging markets man

To continue reading...

You must be signed in to use this feature.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: