摩根大通全球另类投资最新发展趋势及特征（2022Q3）

KarenWardTaiHuiHongKongDr.DavidKelly,CFANewYorkChaopingZhu,nghaiVincentJuvynsLuxembourgMichaelBell,CFAMarcellaChowHongKongDavidLebovitz*NewYorkGabrielaSantosNewYorkJackManleyNewYorkTilmannGaller,CFAFrKarenWardTaiHuiHongKongDr.DavidKelly,CFANewYorkChaopingZhu,nghaiVincentJuvynsLuxembourgMichaelBell,CFAMarcellaChowHongKongDavidLebovitz*NewYorkGabrielaSantosNewYorkJackManleyNewYorkTilmannGaller,CFAFrankfurtIanHuiHongKongMeeraPandit,CFA*NewYorkHughGimber,CFAaxMcKechnieAdrianTongHongKongMariaPaolaToschiMilanShogoMaekawaTokyoJordanJacksonNewYorkStephanieAliagaNewYorkAsiaopeAmericaAsiaopeAgnesLinTaipeiNatashaMayAgnesLinTaipeiNatashaMaySahilGaubaMumbaiNimishVyas*NewYorkElenaDomecqMadridNewYorkaraCheongZaraNokesaraCheongZaraNokesKerryCraig,CFAMelbourneSingapor$1,40047Naturalresources*InfrastructureRealestatePrivatedebtPrivateequity36$1,107$1,110$1,2005909$1,40047Naturalresources*InfrastructureRealestatePrivatedebtPrivateequity36$1,107$1,110$1,2005909$1,000$800$6006$400$200GlobalprivatecapitalfundraisingUSDbillions$0'11'12'13'14'15'16'17'18'19'20'21'22$4,000$3,500$3,000$2,500$3,209$2,000$1,500$1,000$500$0$4,000$3,500$3,000$2,500$3,209$2,000$1,500$1,000$500$0DrypowderbyassetclassCumulativedrypowder,USDbillionsAssetclassQ%ofAssetclassSecondaries$1274%Realassets*FundRealassets*Privtatedebt$158$425$6975%13%22%$562$1,24018%3$562$1,24018%39%TotalPrivateequity'07'08'09'10'11'12'13'14'15'16'17'18'19'20'21'22PublicandprivatemarketcorrelationsQuarterlyreturnsalalalalEuretalalueTransport**TimberMacroBitcoin2008-1Q22REInfraGlobalFinancialrealestateassetsdsitiesSCoreREoreREAPACCoreRE231eInfraTransport**Timber11221endingVentureCapital1quity1CryptoHedgeCryptoHedgefundsongShortValue112122PrivateandpublicdispersionBasedonreturnsovera10-yearwindow*40%35%30%25%20%%%5%0%5%quartile18.1%145%9.6%Median7.8%10%le%%GlobalequitiesGlobalbondsU.S.GlobalequitiesGlobalbondsU.S.corerealestateU.S.non-corerealestateGlobalprivateequityGlobalventurecapital%%%%8%6%4%2%0%%%%%8%6%4%2%0%AssetclassyieldsPercentEquities%4.0%37%37%36%%4.0%3.1%HedgeadjustedyieldHedgeadjustedyieldEquitymarketcorrelationsandyieldsHedgeadjustedyield,last12monthsTransportU.S.governmentStrongercorrelationtoequitiesUSnon-governmentnternationalAlternativesDirectlendingctorsctorsYEuroCorpEMEuroCorpEMCorpTimbere..Infra.APACRealestatetateAPACRealestatetateMBS...MBSPSTGermanyUPSTGermanyUKJapan10yUSTyUSTFloatingyUST-0.4-0.20.00.81.0CorrelationtoS&P500AnnualizedreturnsEquitiesAnnualizedreturnsEquitiessAlternativesandportfoliorisk/returnAnnualizedvolatilityandreturns,1989–1Q2250%50%Equities20%Bonds30%Alts80%Equities20%Bonds40%Equities30%Bonds30%Alts30%Equities40%Bonds30%AltsitiesBondsallocationVolatilityallocationVolatility40Equities/60F.I.60Equity/40F.I.80Equity/20F.I.30Alts/30Equities/40F.I.30Alts/40Equities/30F.I.30Alts/50Equities/20F.I.9.0%Annualizedvolatility-20212012201320142015201620172018201920202021Venturending-20212012201320142015201620172018201920202021VenturendingPrivateEquityVentureVentureVentureVentureVentureVentureInfra.Infra.EuropeCorePrivateEquityPrivateEquityPrivateEquityPrivateEquityPrivateEquityPrivateEquityPrivateEquityTransport**Infra.Infra.VenturendingHedgeFundsAPACCoreRETransport**Transport**VentureInfra.Infra.Infra.Infra.EuropeCoreAPACCoreREHedgeFundsAssetAllocationTransport**Transport**Transport**Transport**Infra.EuropeCoreAPACCoreREEuropeCorePrivateEquityCMLSenior*AssetAllocationAssetAllocationAssetAllocationAssetAllocationAssetAllocationndingndingAPACCoreREAPACCoreREEuropeCorePrivateEquityndingndingAssetAllocationAssetAllocationAssetAllocationEuropeCorendingndingndingEuropeCoreCMLSenior*AssetAllocationTransport**AssetAllocationAssetAllocationInfra.Infra.EuropeCorendingndingEuropeCorePrivateEquityAPACCoreREAPACCoreREAPACCoreREPrivateEquityHedgeFundsHedgeFundsInfra.EuropeCoreAPACCoreREndingEuropeCoreHedgeFundsHedgeFundsAPACCoreRETransport**Transport**VentureEuropeCoreAPACCoreREHedgeFundsCMLSenior*CMLSenior*CMLSenior*CMLSenior*HedgeFundsHedgeFundsTransport**VentureVentureAPACCoreRECMLSenior*CMLSenior*HedgeFundsHedgeFundsCMLSenior*CMLSenior*CMLSenior*CMLSenior*HedgeFundsTransport**2012VeVenturePrivateEquityHedgeFundsTransport**Infra.ndingAssetAllocationCMLSenior*APACCoreREEuropeCoreU.S.realestatecapratespreadsTransactionbased,spreadto10yUST,4-quarterrollingaverage%Average:2.9%JunAverage:2.9%Jun2022:'98'00'02'04'06'08'10'12'14'16'18'20'22U.S.vacancyratesbypropertytypePercent18%%partment'00'02'04'06'08'10'12'14'16'18'20'22%%%Jun2022:%%%%Jun2022:%'04'06'08'10'12'14'16'18'20'22U.S.officerentgrowthYear-over-yearU.S.officerentgrowthYear-over-year%change,quarterly,2004-presentaceeetingspaceeforprivatephonecallsspaceoptionsitydtechnologiespsodbeverageOutdooramenitieservices0%15%30%45%60%75%23.0%4%25.6%21.8%5%%4%%23.0%4%25.6%21.8%5%%4%%U.S.retailrentgrowthYear-over-year%change,quarterly,2004–present15%JunJun2022:'04'06'08'10'12'14'16'18'20'22Changeinnumberofretailestablishments4Q11–4Q21,percentucingprovidingeservicesiscountbarsesandpersoncareAutomobiledealersryliquoronsishingstgoodsgppliances-30%-20%-10%0%10%20%30%0000000000U.S.industrialrentgrowthYear-over-year%change,quarterly,2004–present14%Jun'04'06'08'10'12'14'16'18'20'22IndustrialestablishmentsandvacancyrateThousandsofsquarefeet,percentWarehousesandstoragefacilitiesDataprocessing,hosting,andrelatedservicesIndustrialpropertyvacancyrate(%)'09'10'11'12'13'14'15'16'17'18'19'20'21%U.S.homepricegrowthbycityS&PCase-ShillerHomePriceIndex,June2022,y/y%changetlantariceisco ashingtonDC6.14.9%14.7%14.6%26..8%%%U.S.housingstartsbyregionIndexedtoFebruary2020,3-monthmovingaverage,July20221NortheastMidwestWestSouthFeb'20Jun'20Oct'20Feb'21Jun'21Oct'21Feb'22Jun'22GlobalonlineretailsalesPercentoftotalretailsales,2Q22*30%RetailrealestatepercapitaGlobalonlineretailsalesPercentoftotalretailsales,2Q22*30%RetailrealestatepercapitaSquarefeetperpersonU.S.APACEMEAa andn Switzerland ustraliaU.S.13.6NorthAAPACEMEAmerica051015057%6%5%4%3%2%0%7%6%5%4%3%2%0%GlobalofficeandYields,2Q2022PrimeOfficePrimeWarehouseNewYork/NewYork/SeoulSingaporeChinaTierAucklandSydneyHongKongTokyoParisFrankfurtMilanNorthNew1JerseyDirectrealestate/S&P500correlation correlationDirectrealestate/S&P500correlation correlationU.S.REITs,realestateandequities12-quarterrollingcorrelations,totalreturn0.2-0.2-0.4-0.6-0.8'80'82'83'85'86'88'89'91'92'94'95'97'98'00'01'03'04'06'07'09'10'12'13'15'16'18'19'21Rentcosts1981–July2022,monthly,year-over-year(%)%tofprimaryresidenceOwners'equivalentrentofresidences*'82'86'90'94'98'02'06'10'14'18'22Realestateperformanceindifferentinflationaryregimes1978–2Q22,quarterly,headlineCPI,NCREIFODCEIndex,y/y%14%%57%High&risingHigh&fallingLow&risingLow&fallingStandingMfgdHomesStandingMfgdHomespartmentsSelfStorageIndustrialAllEquityLodging/ResortsntersOfficeShoppingCentersLodging/sortsMfgdHomesSelfStorageIndustrialStandingOfficeShoppingCenters.0%AllEquitypartmentsntersRet.FreeStandingLodging/ResortsSelfStorageShoppingCentersAllEquitypartmentsIndustrialntersMfgdHomesOfficeIndustrial%ShoppingCenters25.0%StandingSelfStorageAllEquityOfficeLodging/ResortsMfgdHomespartmentsntersntersMfgdHomesIndustrialAllEquityLodging/sortsOfficeSelfStoragepartmentsStandingShoppingCentersnters0%SelfStorageIndustrialMfgdHomesAllEquityRet.FreeStandingpartmentsOfficeLodging/ResortsShoppingCentersIndustrialLodging/sortsStandingMfgdHomesOfficeAllEquityShoppingpartmentsSelfStoragentersSelfStorageShoppingpartmentsIndustrialMfgdHomesAllEquity3%ntersOfficeStandingLodging/ResortsMfgdHomespartmentsLodging/sortsSelfStorage%ShoppingAllEquityOfficeIndustrial0%StandingntersMfgdHomesIndustrialntersOffice%AllEquitypartmentsShoppingCenters25.0%Standing2%Lodging/ResortsSelfStorageSelfStorageMfgdHomespartmentsStandingShoppingCenters4.7%AllEquityIndustrialOfficeLodging/ResortsntersIndustrial9%MfgdHomes8%SelfStorageAllEquitypartmentsStandingShoppingOfficeLodging/Resorts.7%nters20122021201220122012201320142015201620172018201920202021YTDAnn.Lodging/sortsShoppingStandingSelfStorageIndustrialOfficepartmentsMfgd.HomesAllEquitynters$4.0$3.5$3.0$2.5$2.0$1.5$1.0$0.5$0.0$4.0$3.5$3.0$2.5$2.0$1.5$1.0$0.5$0.0AverageannualinfrastructureneedUSDtrillions,constant2017dollars$$0.1$$0.1RoadsRailPortsAirportsPowerWaterTelecomTotalNumberofDealsAggregateofdeals<$1NumberofDealsAggregateofdeals<$15bnTotalEnterpriseValue($bn)dealcountandvalue8007006005004003002000Numberofdeals<$1.5bnNumberofdeals>=$1.5bnvaluevalue.Aggregatevalueofdeals>=$1.5bn'10'11'12'13'14'15'16'17'18'19'20'21$250$200$150$100$50$05%5%GlobalcoreinfrastructurereturnsRolling4-quarterreturnsfromincomeandcapitalappreciation20%%%5%0%CapitalappreciationIncome-'09'10'11'09'10'11'12'13'14'15'16'17'18'19'20U.S.utilitiesallowedreturnsversusinflationAverageallowedreturnonequity*llowedReturnonEquity8642002468101214CPIYoY(%)HouseholdutilityspendingHouseholdutilityspending%ofpersonalconsumptionexpenditures5.0%5%0%Recession'79'83'87'91'95'99'03'07'11'15'19EnergyrelatedCO2emissions1990-2019,gigatonsftheworldAdvancedeconomies501991199419972000200320062009201220152018Shareofglobalgreenhousegasemissionsbysector%ofglobalgreenhousegasemissions(2016),CO2equivalenttonsAgriculture:18%Agriculture:18%%astewatersterenergyerenergytransportOther**TotalretirementsTotaladditions:GW%Other**TotalretirementsTotaladditions:GW%%CoalNaturalgasNuclearPetroleumOther*SolarNaturalgasOnshorewindWindlarnaturalgaslarnaturalgasandcoalMeanLCOE*,MeanLCOE*,2021,dollarpermegawatthour3%1%'09'10'11'12'13'14'15'16'17'18'19'20'21%c%cGlobalenergymixShareofprimaryenergyRenewablesRenewablesCoalGasOthernon-fossilfuels'70'75'80'85'90'95'00'05'10'15'20'25'30'35'40'45'50ofglobalcommoditiesminingproductionbyregion20210%20%40%60%80%100%UnitedStatesChinaAPAC*SouthAmericaNorthAmerica*EuropeAfrica&RoW5050TimberreturnsandinflationHeadlineCPI,NCREIFTimberlandIndex,5-yr.annualizedchangeberlandtotalreturnindex30%0%1%2%3%4%5%Globalemissionscoveredbycarbonpricinginitiatives%ofglobalgreenhousegasemissionsChinaChinaETSJapancarbontaxSouthKoreaETS'00'02'04'06'08'10'12'14'16'18'20ersoil0ersoil0WorldtradevolumeYear-over-year,%change,3-monthmovingaverage,monthlyJuneJune2022:4.4%Average4.1%WorldseabornetradebyproductEstimatedintrillionton-miles0'00'02'04'06'08'10'12'14'16'18'20'22%Aug.2022:%Aug.2022:GlobalfleetandorderbookGrosstonnageOrderbookasa%fleetWorldfleetrderbook'05'07'09'11'13'15'17'19'2100ipcapacityasoffleet Aug.2022:4.3%%'11'12'13'14'15'16'17'18'19'20'21'22grosstonnage,yearsgrosstonnage,years+10021.8years'05'06'07'08'09'10'11'12'13'14'15'16'17'18'19'20'21'2221 APACEurope21 APACEuropethAmerica0allsGlobalallsNumberofcalls,7-daymovingaverageNumberNumberofcalls,7-daymovingaverage 2020JanFebMarAprMayJunJulAugSepOctNovDecJan'20JunJanFebMarAprMayJunJulAugSepOctNovDec0000AverageC02emissionsbymodeoftransportation16Road5InlandWaterwayRailPipelineLNGcarrierenginetypesShareofon-waterfleet,2020Diesel2-Stroke(dual-fuel)DieselelectricSteamturbineCombined1%23%34%LNGcarrierfleetageprofileNumberofvessels,202000-5yrs6-10yrs11-15yrs16-20yrs>20yrsWaterdepth(m)Forecastedaverageannualadditions,-20250Waterdepth(m)Forecastedaverageannualadditions,-202500202020212022Maincase*Acceleratedcase*ndprojectlocationsGlobalndprojectlocationsDistancefromshoreandwaterDistancefromshoreandwaterdepth5001020304050fromcoastkm86420%86420%0000verageageofmajorairlineaircraftYears,U.S.019932000201020182019aviationfleetleasedGlobalaftdemand2Q22,number10,936DeliveriesGrossordersBacklogsWide-bodyaircraftdemand**2Q22,number1,66798DeliveriesGrossordersBacklogs000Cons.Disc.vices000Cons.Disc.vices35.6%Russell2000U.S.privateequityNumberoflistedU.S.companies*andmarketcap.Number,S&P500marketcapitalizationinUSDtrillions##oflistedcompaniesJun.2022:$31.9tnJun2022:'91'93'95'97'99'01'03'05'07'09'11'13'15'17'19'21cap.5050equitysectorweights0%10%20%30%40%U.S.applicationsforbusinessformationSeasonallyadjusted,thousands'06'07'08'09'10'11'12'13'14'15'16'17'18'19'20'21'22GrowthinbusinessestablishmentsbyprivateindustryDecember2019–December2021dbusinessesrviceslthservicesService-providingiesioncingpitalityradetransportationandutilitiescesandmining 8%9%6%0%10%20%30%8642086420U.S.LBOs:purchasepricemultiplesEquityanddebtovertrailingEBTIDAEquityDebt 9.9x9.7x10.0x9.5x7x6x5.9x5.77x6x5.9x5.7x5.8x5.8x5.9x5.7x5.8x5.9x5.5x5.6x9x5.4x5.5x5.4x5.3xxxxx3.5x1x3.8x4.2x4.4x3.7x3.5x3.7x.3.8x8.5x8.8x0x6x5.3x5.4x5.4x5.5x'04'06'08'10'12'14'16'18'20'22dsU.S.LBOmultiplesandBAAcorporatedsQuarterly,2005–2Q22ultiples13x7x3%4%5%6%7%8%9%dU.S.privateequitydealsUSDbillions 28.5%%14.1%9.828.5%%14.1%9.8%%%NaturalresourcesFinancialservicesHealthcareTechnology2Q2207-'21avg.27.8%13.1%8.8%7.7%%28.7%'07'08'09'10'11'12'13'14'15'16'17'18'19'20'21'22PrivateequityexitsbytypeUSDbillions51.5%2.4%46.1%36.8%20.0%43.2%251.5%2.4%46.1%36.8%20.0%43.2%2Q2207-'21avg.SecondarybuyoutCorporateacquisition'07'08'09'10'11'12'13'14'15'16'17'18'19'20'21'22WTIoilEnergy&materialsexitcount(2WTIoilEnergy&materialsexitcount(2Qma,1Qlag)25%'14'15'16'17'21'22OilpricesandnaturalresourceexitsEnergy&materialexitscount,WTIoilprice,y/y%changeGlobalprimaryenergyuseandenergycapexUSDbillions,fossilfueluseas%ofglobalprimaryenergylofglobalprimaryenergylenergycapex'04'06'08'10'12'14'16'18'20%U.S.privateequitydealsbysize%oftotaldeals,2007–2Q2270%%7%5%2%MM>MMU.S.privateequitydealsbytype%oftotaldeals,2007–2Q2270%%61.9%.8%Max41.1%Median:312%0%Min:17.2%19.7%Buyout/LBOAdd-onPEgrowth/expansionPrivateco-investmentandportfolioconstructionPortfolioallocation,totalreturnU.S.Co-investment(%,LHS)U.S.privateequity(%,LHS)programreturnRHS%13.4% 100%PE95%PE/90%PE/80%PE/70%PE/5%CoInv.10%CoInv.20%CoInv.30%CoInv.SecondarymarketvolumeUSDbillions$74$37$28$25'12'13'14'15'16'17'18'19'20'21USDbillionserGoodsServicesportationystemsUSDbillionserGoodsServicesportationystemshlServicesplies9%-10%-5%0%5%urecapitalexitsbytype2016–2021*vs.urecapitalexitsbytype2016–2021*vs.2006–2010Q2207-'21avg.SecondarybuyoutCorporateacquisition57.9%41.1%5.1%47.9%47.0%'07'08'09'10'11'12'13'14'15'16'17'18'19'20'21'22GlobalM&AbyacquirertypeUSDbillions2Q2207-'21avg.62%38%70%362%38%70%30%Sponsor-backed'07'08'09'10'11'12'13'14'15'16'17'18'19'20'21'22GlobalM&AbysectorUSDbillionsSector2Q2207-'21avg.Sector3%3%FinancialservicesNaturalresources7%7%'07'08'09'10'11'12'13'14'15'16'17'18'19'20'21'22U.S.growthequitydealactivitybyinvestortypeTotaldealvalue,USDbillionsType21Avg.'07-21out%%Growth28%'07'08'09'10'11'12'13'14'15'16'17'18'19'20'21AverageLTMEBITDApurchasemultipleGrowthGrowthEquity*ssellx'08'09'10'11'12'13'14'15'16'17'18'19'20AverageannualEBITDAgrowthrates22%16%10% 4% -2% -8%-20%uity'08'09'10'11'12'13'14'15'16'17'18'19'20$275$250$225$200$175$150$125$$275$250$225$200$175$150$125$100$75$50$25$0PrivatedebtfundraisingbytypeUSDbillionsOther*Other*$225$225MezzanineRealRealestate&infra.debtDistressed&specialsituationsDirectlending$179$179$191$176$191$176YYTD$158$158$151$151$121$121$131$131$101$107$101$107$82$82 $79$60$$60$50 $37'07'08'09'10'11'12'13'14'15'16'17'18'19'20'21'22ParticipantLTM2Q22Avg.'00-21ParticipantLTM2Q22Avg.'00-21Bankssecuritiesfirms83%7%79%21%tsU.S.leveragedtsU.S.leveragedloanmarketShareoftotalmarket,percent1Q223%4% 2%3%4% 2%%%%'00'02'04'06'08'10'12'14'16'18'20'22Cons.StaplesFinancialsIndustrialsMaterialsUtilitiesRealEstateEnergyHealthcareInfo.Tech.Telecom.ServicesBus.Services&otherhigher B+/B/B-BB+/BB/BB-1higher B+/B/B-BB+/BB/BB-1loansbyratingSpreadbetweenBBandCCCratedloansbyratingTotalleveragedloanvolume,Totalleveragedloanvolume,USDbillionsAugust31,2022:712bpsAugust31,2022:712bpsB/CCC$754$$260400$200200$1000'12'13'14'15'16'17'18'19'20'21'01'03'05'07'09'11'13'15'17'19'210%0.7%%0%0.7%%47%0.9%.10yUST2yUSTU.S.IGU.S.HYU.S.U.S.turingturingISMandfallingManufacturingISM>50andrising2.8%0.8%10yUST2yUSTU.S.IGU.S.HYU.S.U.S.10yUST2yUSTU.S.IGU.S.HYU.S.U.S.U.S.U.S.lendingTurnaroundManufacturingISM<50TurnaroundManufacturingISM<50andrisingManufacturingISM>50andfalling23%.1.6%09%..0.7%U.S.leveragedloansU.S.10yUST2yUSTU.SU.S.leveragedloansU.S.directlendingMinimumdrawdownageMinimumdrawdownageMaximumdrawdowngNetrealizedgainsgNetrealizedgainslossTrailing4-quarterrealizedgain(lossTrailing4-quarterrealizedgain(loss),2006–1Q22InvestmentgradeInvestmentgrade'05'07'09'11'13'15'17'19'21%%%%%%%1.0%1.1%1.2%NewissueyieldsDecember2010–July2022*,monthly,byEBITDAMiddleMiddleMarket($50MorLess)ethanM'10'11'12'13'14'15'16'17'18'19'20'21PrivatecreditdefaultrateQuarterly,2Q20–2Q22Jun-20Dec-20Jun-21Dec-21Jun-22Newloanissuancebypurpose12-monthsendingJune30,2022,leveragedloansvidendvidendCorporatefinance**:10%ingAcquisiton:27%Covenant-liteloans%oftotalloans,4Q10–2Q22,quarterly middlemarketM'10'11'12'13'14'15'16'17'18'19'20'218%0%8%0%CommercialmortgagespreadsSpreadsoverTreasury,basispoints,seniorloans000Currentspread227.5209.4245.6150.1AssetclassCMLindexA-ratedCMLBBB-ratedCMLCurrentspread227.5209.4245.6150.1AssetclassCMLindexA-ratedCMLBBB-ratedCMLAvg.'14-'21209.9193.5226.3124.6'13'14'15'16'17'18'19'20'21Commercialmortgageyields12-monthincomereturn,unlevered,seniorloans%4.3%%3.7%2002-20212012201320142015201620172018201920202021YTDAnn.Vol.GlobalEquitiesRelativeValueDistressedEquityLong/Short%HFRIComposite%GlobalBonds.3%Eq.MarketNeutral0%MergerArbitrage8%GlobalGlobalEquities23.4%EquityLong/ShortDistressedHFRICompositeRelativeValueEq.MarketNeutral%MergerArbitrage.7%GlobalGlobalBondsGlobal%GlobalEquities.7%RelativeValue.0%Eq.MarketNeutralHFRIComposite0%EquityLong/ShortMergerArbitrageGlobalBonds%DistressedEq.MarketNeutral.3%MergerArbitrage3%RelativeValueEquityLong/ShortHFRICompositeGlobalGlobalEquitiesGlobalBondsDistressedDistressedGlobalEquities%RelativeValue%EquityLong/Short%HFRIComposite%MergerArbitrage6%Eq.MarketNeutral2%GlobalBondsGlobalGlobalEquities24.6%EquityLong/ShortHFRIComposite%GlobalBonds%Distressed%RelativeValueEq.MarketNeutral.9%MergerArbitrage.3%Global2%MergerArbitrage3%RelativeValueEq.MarketNeutralGlobalBondsDistressedGlobalHFRICompositeEquityLong/ShortGlobalEquitiesGlobalEquities27.3%EquityLong/ShortHFRICompositeRelativeValue%GlobalBonds%MergerArbitrage%Global%Distressed9%Eq.MarketNeutral3%EquityLong/ShortGlobalEquitiesHFRICompositeDistressedGlobalBonds2%Global%MergerArbitrage%RelativeValue4%Eq.MarketNeutralGlobalEquitiesDistressedEquityLong/ShortMergerArbitrageHFRICompositeGlobal%RelativeValue%Eq.MarketNeutralGlobalBondsGlobal%MergerArbitrage%Eq.MarketNeutralRelativeValueDistressedHFRICompositeEquityLong/ShortGlobalBondsGlobalEquitiesGlobalEquities%Distressed%EquityLong/Short%HFRIComposite%RelativeValue%MergerArbitrage.8%Global.6%GlobalBonds.4%Eq.MarketNeutral7%GlobalEquitiesEquityLong/ShortDistressed3%HFRIComposite%RelativeValue%GlobalBonds%Global.7%MergerArbitrage.7%Eq.MarketNeutral0%HedgefundmanagerdispersionBasedonreturnsfromJune2012–June2022%quartile7.2%7.2%7.2%%1.1.6%1.6%1.1%AllhedgefundsFixedincomeEquitymarketEventdrivenRelativevalueRelativevalueMacrototalEquityhedgeEmergingrelativevalueneutraltotalmulti-strategymarkets%%QassetflowSectorexposureofassetflowUSDbillions%oftotalUSD