全球对冲基金市场前景及投资研究报告-培训课件外文版2024.4

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TRENDSHedgefundsCHAPTER

01OverviewAssetsundermanagementofthelargesthedgefundfirmsworldwidein2023(inmillionU.S.dollars)Aumofthelargesthedgefundfirmsglobally2023AuminmillionU.S.dollars050,000100,000150,000200,000250,000300,000350,000FieldStreetCapitalManagementCitadelInvestmentGroupBridgewaterAssociatesMarinerInvestmentGroupLLCMillenniumCapitalPartnersAresManagement297,961253,353235,542219,309218,000193,679BalyasnyAssetManagementAQRCapitalManagementPoint72AssetManagementRokosCapitalManagementDEShaw180,959145,451138,459138,426128,024WillisTowersWatsonTigerGlobalManagementLLC128,000124,6554Description:TheFieldStreetCapitalManagementwasthelargesthedgefundfirmintheworldasof2023.Thefirmmanagedassetsworth297.96billionU.S.dollarsthatyear.ItisnosurprisethattheleadinghedgefundfirmisheadquarteredintheUnitedStates,asthecountryhasthelargesthedgefundindustryintheworld.ReadmoreNote(s):Worldwide;2023Source(s):HedgeLNumberofhedgefundsworldwidein2023,byinvestmentstrategyNumberofhedgefundsworldwide2023,byinvestmentstrategy1,2001,0781,0008006004874343764002000324213204169117Equitylong/shortCreditQuantLongbiasedMacroEventOtherMulti-strategyArbitrage5Description:Asof2023,therewereroughly500hedgefundsoperatingunderacreditinvestmentstrategy.Thesearehedgefundsthatfocusthevastmajorityoftheirtradingondebtinstruments.Whilemulti-strategyhedgefundswereamongthetopperformersbynetannualizedreturn,thesehedgefundtypesformedalowerportionofthehedgefundpool,with169beingoperationalin2023.ReadmoreNote(s):Worldwide;2023Source(s):AurumValueofassetsmanagedbyhedgefundsworldwidefrom1997to2023(inbillionU.S.dollars)Assetsundermanagementofhedgefundsworldwide1997-20236,0005,0004,0003,0002,0001,00001997

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20236Description:Thehedgefundindustryboomedinthe1990s,andthevalueofassetsmanagedbyhedgefundsworldwidegrewsteadilyuntil2007.Thevaluefellmarkedlythefollowingyearbecauseofthefinancialcrisisanddidnotrecoveruntil2013.In2023,thevalueofassetsundermanagement(AUM)ofhedgefundsreachedoverfivetrillionU.S.dollars.Whichfirmsdominatethehedgefundindustry?ꢀThebiggesthedgefundsinthemarkettypicallyattaintheirsizebycombiningexceptionalresults,a[...]ReadmoreNote(s):Worldwide;1997to2023Source(s):BarclayHedgeNetannualizedreturnsonhedgefundsworldwideinSeptember2023,byinvestmentstrategyandtimeframeNetannualizedreturnsonhedgefundsworldwide2023,bystrategyandtimeframeOne-yearThree-yearFive-yearTen-year12.5%10.5%8.5%6.5%4.5%2.5%0.5%QuantArbitrageMacroHFcomposite*EventCreditLongbiasedMulti-strategy

Equitylong/short7Description:Theperformanceofhedgefundsbyinvestmentstrategyvariedmorewidelywithinaone-yearperiodcomparedtoaten-yearperiod.Netannualizedreturns(NAR)isameasureusedtoshowtherateofreturnontheamountinvestedoverthetimeframeofaninvestment.ThehighestNARovera10-yearperiodwasgeneratedbymulti-strategyhedgefundsat7.9percent.ReadmoreNote(s):Worldwide;2019toSeptember2023Source(s):AurumLargesthedgefundsintheUnitedStatesin2023,byassetsundermanagement(inbillionU.S.dollars)LargesthedgefundsintheU.S.2023,byAUMAUMinbillionU.S.dollars020406080100120140BridgewaterAssociatesRenaissanceTechnologiesAQRCapitalManagementTwoSigma124.32106.0394.5267.47MillenniumManagementCitadel57.6751.5751TigerGlobalManagementD.E.Shaw45.7742.3440.8CoatueManagementDavidsonKempner8Description:Asof2023,themajorityoftheUnitedStates'leadinghedgefundswereheadquarteredinNewYork.Thoselocatedoutsidethecountry'sfinancialcapitalincludedFlorida-basedCitadel,whichrankedinsixthplacebyassetsundermanagement(AUM).AQRCapitalManagement,basedinConnecticut,alsorankedhighly,cominginthirdplace.ThelargesthedgefundintheU.S.wasBridgewaterAssociates,headquarteredinConnecticut,managingassetsworthover124billionU.S.dollars.

ReadmoreNote(s):Worldwide;2023Source(s):ForbesCHAPTER

02AssetsundermanagementEstimatedassetsundermanagement(AUM)ofhedgefundsworldwidein2023,byhedgefundtype(inbillionU.S.dollars)EstimatedAUMofhedgefundsworldwide2023,byhedgefundtypeEstimatedAUMinbillionU.S.dollars02004006008001,0001,2001,400Multi-assetEquity1,289.291,162.08Fixedincome/creditCommodities956.53119.5510Description:Asof2023,itwasestimatedthatequityhedgefundsmanagedthesecond-largestvalueofassets,havingaround200billionU.S.dollarsmoreinassetsthanfixed-income/credit-basedhedgefunds,whichrankedthirdoverall.Thetotalvalueofhedgefundassetsundermanagement(AUM)amountedtoanestimatedvalueofalmost3.5trillionU.S.dollarsoverall.ReadmoreNote(s):Worldwide;2023Source(s):NasdaqEstimatedassetsundermanagement(AUM)ofhedgefundsworldwidein2023,byprimaryinvestmentstrategy(inbillionU.S.dollars)EstimatedAUMofhedgefundsworldwide2023,byprimaryinvestmentstrategyEstimatedAUMinbillionU.S.dollars0100200300400500600700800Long/shortequityMulti-strategy707.69680.01Eventdriven571.99RelativevaluecreditMacro239.07233.21Distressed228.06ManagedfuturesDirectionalcreditMarketneutralequityConvertiblearbitrage197.63141.6986.8169.0711Description:Asof2023,itwasestimatedthatthevastmajorityofhedgefundassetsweremanagedthroughfundsfollowingamulti-strategyorlong/shortequityinvestmentapproach.Hedgefundsimplementinganevent-driveninvestmentstrategyrankedthirdbyassetsundermanagement(AUM)havingmanagedover570billionU.S.dollarsinassets.ReadmoreNote(s):Worldwide;2023Source(s):NasdaqEstimatedassetsundermanagement(AUM)ofhedgefundsworldwidein2023,byinvestmentregion(inbillionU.S.dollars)EstimatedAUMofhedgefundsworldwide2023,byinvestmentregionEstimatedAUMinbillionU.S.dollars05001,0001,5002,0002,500GlobalmarketsAmericas2,013.311,101.94EmergingmarketsEurope278.73248.45Asia112.3912Description:Asof2023,hedgefundsinvestingintheglobalmarkethadthelargestnumberofassetsundermanagement(AUM).HedgefundsoperatingintheEuropeanandAsianmarketshadthelowestamountofAUM,whilehedgefundsintheAmericashadthesecond-highestlevelofAUM,restingatoveronetrillionU.S.dollars.ReadmoreNote(s):Worldwide;2023Source(s):NasdaqEstimatedassetsundermanagement(AUM)ofhedgefundsworldwidein2023,byfunddomicile(inbillionU.S.dollars)EstimatedAUMofhedgefundsworldwide2023,byfunddomicileEstimatedAUMinbillionU.S.dollars05001,0001,5002,0002,5003,000AmericasEuropeAsia2,554.21905.5974.1913Description:Asof2023,Europehadthesecond-highestlevelofassetsundermanagement(AUM)byfirmdomicile.HedgefundsbasedinAsiarankedthird,withtheAmericasrankingfirst.HedgefundsdomiciledintheAmericasmanagedover2.5trillionU.S.dollarsinassets.ReadmoreNote(s):Worldwide;2023Source(s):NasdaqAssetsundermanagement(AUM)ofhedgefundsworldwidein2023,byinvestmentstrategy(inbillionU.S.dollars)Assetsundermanagementofhedgefundsworldwide2023,byinvestmentstrategy70060050040030020010005754283923863723312817669Equitylong/short

Multi-strategyCreditLongbiasedQuantMacroEventArbitrageOther14Description:Asof2023,hedgefundsfollowinganeventinvestmentstrategyaccountedforsomeofthelowestlevelsofassetsundermanagement(AUM)havingunder300billionU.S.dollarsinassets.However,thiswasmorethandoublethatofhedgefundsfollowinganarbitragestrategy,thesehedgefundsaccountedforlessthan80billionU.S.dollarsinassets.ReadmoreNote(s):Worldwide;2023Source(s):AurumCHAPTER

03FundflowFundflowofhedgefundsworldwidefrom2021toAugust2023,byhedgefundtype(inbillionU.S.dollars)Fundflowofhedgefundsworldwide2021-2023,byhedgefundtype20212022202331.3340302010.318.57101.120-10-20-30-40-50-60-0.81-2.9-4.07-3.51-27.4-29.12-36.34-48.36Fixedincome/creditCommoditiesMulti-assetEquity16Description:From2021throughtoAugust2023,theleveloffundflowsforglobalhedgefundswasquitevolatile.2022,sawthelargestvolumeoffundoutflows,totalingroughly112billionU.S.dollars.In2023,however,fundsbegantogeneratealowerlevelofoutflow,withfixedincome/credithedgefundscreatinganinflowofroughly1.1billionU.S.dollars.ReadmoreNote(s):Worldwide;2021toAugust2023Source(s):NasdaqFundflowofhedgefundsworldwidefrom2021toAugust2023,byprimaryinvestmentstrategy(inbillionU.S.dollars)Fundflowofhedgefundsworldwide2021-2023,byprimaryinvestmentstrategy202120226.212023-0.18-0.58-2.1Multi-strategy23.1712.983.73ManagedfuturesEventdriven6.12-7.550.02MarketneutralequityConvertiblearbitrageRelativevaluecreditDistressed2.780.760.110.46-1.19-1.240.68-1.192.53-0.26-5.52-4.71-31.4-26.57-38.020.84-2.24-5.07-11.97-16.48MacroDirectionalcreditLong/shortequity17Description:From2021throughAugust2023,thein-flowandout-flowofhedgefundsvaried.2022,sawthelargestfundoutflow,withinvestorspullingover100billionU.S.dollars.Long/shortequity-focusedhedgefundssawthelargestshareofinvestmentoutflowsofalmost40billionU.S.dollarsin2022.InAugust2023,however,fundoutflowswerereducedgreatly,totalingroughlysixbillionU.S.dollars.ReadmoreNote(s):Worldwide;2021toAugust2023Source(s):NasdaqFundflowofhedgefundsworldwidefrom2021toAugust2023,byinvestmentregion(inbillionU.S.dollars)Fundflowofhedgefundsworldwide2021-2023,byinvestmentregion202150202220236040203.651.570.810.50.540.250.090-2.57-6.53-6.92-20-40-60-80-100-120-12.62-13.94-42.22-93.84EuropeAsiaAmericasEmergingmarketsGlobalmarkets18Description:From2021throughAugust2023,thein-flowandout-flowofhedgefundsvaried.2022,sawthelargestfundoutflows,withAsiabeingtheonlyregiontohaveexperiencedaninflowofinvestment.In2023,fundflowsbegantobecomemoreoptimisticwitheveryregionexperiencinganinflowoffunds,emergingmarketshadthelargestinflowoffundsat0.8billionU.S.dollars.ReadmoreNote(s):Worldwide;2021toAugust2023Source(s):NasdaqFundflowofhedgefundsworldwidefrom2021toAugust2023,byfunddomicile(inbillionU.S.dollars)Fundflowofhedgefundsworldwide2021-2023,byfunddomicile202120222023402018.136.34.040.780-20-1.04-2.39-3.49-8.98-40-60-80-100-120-102.67AsiaEuropeAmericas19Description:2021hadthelargestlevelsoffundinflows,particularlyforhedgefundsdomiciledinEuropeandAsia,withinvestorsaddingover18billionU.S.dollarstoEuropeanhedgefundsandoversixbillionU.S.dollarstohedgefundsinAsia.2022sawthelargestvolumeoffundoutflows,particularlyintheAmericas.ReadmoreNote(s):Worldwide;2021toAugust2023Source(s):NasdaqCHAPTER

04NetexposureMSCIhedgefunds’positioningandnetexposureworldwideSeptember2023,byfundsectorMSCIhedgefundpositionandnetexposureworldwide2023,byfundsectorNetexposure4%0%1%2%3%5%6%7%8%9%10%InformationtechnologyHealthcareIndustrialsCommunicationservicesConsumerdiscretionaryFinancialsConsumerstaplesMaterialsUtilitiesEnergyRealestate21Description:AsofSeptember2023,thenetexposurerateofglobalhedgefunds'waslowestamongsectorssuchasrealestateandenergy.Utilitiesrankedthirdlowest,withglobalhedgefundshavinganetexposurerateoflessthan1.1percent.Healthcarewasamongoneoftheleadingsectorswithanexposurerateofroughlyeightpercent.Netexposureisacalculablemethodusedbyinvestorsworldwidetoanalyzeafund'spositionsagainstmarketfluctuations.Factorslikeinflation,changesininterest[...]

ReadmoreNote(s):Worldwide;September2023Source(s):MSCIMSCIhedgepositioningandnetexposureinEuropeinSeptember2023,byfundsectorMSCIhedgefundpositioningandnetexposureinEurope2023,byfundsectorNetexposure6%0%2%4%8%10%12%14%16%IndustrialsConsumerdiscretionaryFinancialsHealthcareInformationtechnologyMaterialsEnergyCommunicationservicesUtilitiesConsumerstaplesRealestate22Description:AsofSeptember2023,Europeanhedgefundshadvaryingratesofexposuretovariousindustries.Thesectoraccountingforthesecond-highestrateofexposureforEuropeanhedgefundswasconsumerdiscretionary,displayingarateslightlybelow10percent.Europeanhedgefundshadthelowestexposuretotherealestatemarket,withanetexposurerateoflessthanonepercent.ReadmoreNote(s):Europe;September2023Source(s):MSCIMSCIhedgefundpositioningandnetexposureintheUnitedStatesinSeptember2023,byfundsectorMSCIhedgefundpositioningandnetexposureintheU.S.2023,byfundsectorNetexposure6%0%2%4%8%10%12%14%InformationtechnologyHealthcareCommunicationservicesFinancialsIndustrialsConsumerdiscretionaryConsumerstaplesMaterialsUtilitiesRealestateEnergy23Description:InSeptember2023,hedgefundsintheUnitedStateshadthelargestproportionofexposurecomingfromassetsallocatedtoinformationtechnology,withanexposurerateof11.6percent.ꢀThecalculativemethodofnetexposuredisplaysahedgefund'slevelofriskincorrelationwithmarketfluctuations.Alowerlevelofnetexposurecommunicatedtoinvestorsworldwidealowerlevelofsensitivitytomarketfluctuations.ReadmoreNote(s):UnitedStates;September2023Source(s):MSCIMSCIhedgefundpositioningandnetexposureintheAsia-PacificregioninSeptember2023,byfundsectorMSCIhedgefundnetexposureintheAsia-Pacificregion2023,byfundsectorNetexposure3%

4%-1%0%1%2%5%6%7%8%9%10%IndustrialsHealthcareInformationtechnologyConsumerstaplesCommunicationservicesConsumerdiscretionaryEnergyUtilitiesMaterialsFinancialsRealestate24Description:AsofSeptember2023,hedgefundsintheAsia-Pacificregionhadanetexposurerateofunderninepercenttoindustrial-relatedholdings.Assetsallocationsrelatingtomaterialholdingshadanexposurerateof1.12percent.ꢀNetexposurerateswerecalculatedbysubtractingallshortpositions(positionsborrowed)fromalllongpositions(positionsheld).Uponthisnumberbeingcalculated,itwasthentransferredintoapercentage.Thepercentageprovidedcommunicatesthelevelofnet[...]

ReadmoreNote(s):APAC;September2023Source(s):MSCICHAPTER

05HedgefundperformanceRateofnetreturnonhedgefundsworldwidefrom2019toSeptember2023,byinvestmentstrategyNetreturnofhedgefundsworldwide2019-2023,byinvestmentstrategy2019202020212022202330%20%10%0%-10%-20%-30%Multi-strategyCreditEquitylong/shortEventQuantMacroArbitrageLongbiasedHFBonds*Equities*composite*26Description:Theperformanceofhedgefundsbyinvestmentstrategyvariedgreatly.In2019,hedgefundsfollowinganarbitragestrategygeneratednetreturnsoftwopercent,thiswasinstarkcontrasttoequityhedgefunds,whichyieldedanetreturnofalmost24percent.In2023,however,therewasasmallerspreadintheratesofreturnsgenerated,withthelowestrateofreturnsbeing-1.27andthehighestratenotreachingaboveeightpercent.

ReadmoreNote(s):Worldwide;2019toSeptember2023Source(s):AurumOne-yearnetrateofreturnonhedgefundsworldwidein2023,byinvestmentstrategyOne-yearnetreturnonhedgefundsworldwide2023,byinvestmentstrategyOne-yearnetreturn0%2%4%6%8%10%12%14%16%18%17.86%20%Equities*Equitylong/shortMulti-strategyLongbiasedCredit9.41%8.4%8.06%7.59%7.47%EventHFcomposite*Macro7.05%5.5%Bonds*3.21%Arbitrage1.71%Quant1.47%27Description:Asof2023,hedgefundsfollowinganarbitragestrategyhadthesecond-lowestnetreturnsoveraone-yearperiod.Thisformofinvestmentstrategyseekstobenefitfrommispricingsofthesameassetorasimilarfinancialasset.Hedgefundsgeneratingthelowestone-yearreturnwerethosethatfollowedaquantstrategy,generatingnetreturnsof1.47percent.Hedgefundsfollowingthisstrategytradesecuritiesbasedonthebuy/selldecisionsofcomputeralgorithms.

ReadmoreNote(s):Worldwide;2023Source(s):AurumMedianone,threeandfiveyearnetperformanceofhedgefundsworldwidein2023,bystrategyMedianone,threeandfiveyearnetperformanceofglobalhedgefunds2023One-yearThree-yearFive-year12%10%8%6%4%2%0%-2%ArbitrageCreditEquitylong/shortEventLongbiasedMacroMulti-strategyQuantHFcomposite*28Description:Asof2023,hedgefundsfollowingalong-biasedstrategyhadthehighestnetperformanceoveraone-period,generatingamedianofroughly10.6percent.Hedgefundsfollowingthisstrategymaintainalongpositioninseveraldifferentassetclasses.Overathreeandfive-yearperiod,hedgefundsfollowingamulti-strategyinvestmentmethodgeneratedthehighestmedianperformance.ReadmoreNote(s):Worldwide;2023Source(s):AurumMeanone,threeandfiveyearnetperformanceofhedgefundsworldwidein2023,bystrategyMeanone,threeandfiveyearnetperformanceofglobalhedgefunds2023One-yearThree-yearFive-year14%12%10%8%6%4%2%0%ArbitrageCreditEquitylong/shortEventLongbiasedMacroMulti-strategyQuantHFcomposite*29Description:Asof2023,hedgefundsfollowingaquantstrategyhadthelowestnetmeanperformanceoveraoneandfive-yearperiod,whilethethree-yearrateachievedwashigherat5.21percent.Thisperformanceratewasrelativelymediocre,rankingasthesecond-lowestmeanrateinathree-yearperformanceperiod.ReadmoreNote(s):Worldwide;2023Source(s):AurumAssetsundermanagement(AUM)weightedone,threeandfiveyearnetperformanceofhedgefundsworldwidein2023,bystrategyAUMweightedone,threeandfiveyearnetperformanceofglobalhedgefunds2023One-yearThree-yearFive-year12.5%10.5%8.5%6.5%4.5%2.5%0.5%QuantArbitrageMacroHFcomposite*EventCreditLongbiasedMulti-strategyEquitylong/short30Description:Thenetperformanceofhedgefundshadahigherrateofdistributionovertheone-yearperiodthanthatofthefive-yearperiod.Uponreviewoftheassetsundermanagement,weightednetperformanceoverthefive-yearperiodasidefrommulti-strategyandeventhedgefundsperformanceratesdidnotdropbelowthreepercentorexceedfivepercent.Incontrasttotheone-yearperformanceperiod,therateofdistributionwasmuchwider,rangingfromundertwopercenttoaboveone[...]

ReadmoreNote(s):Worldwide;2023Source(s):AurumCHAPTER

06CryptohedgefundsAverageperformanceofcryptohedgefundsworldwidein2023,byinvestmentstrategyAverageperformanceofcryptohedgefundsworldwide2023,byinvestmentstrategy10%0.3%0%-10%-20%-30%-40%-50%-60%-70%-17%-24%-27%-34%-37%-39%-55%-65%Marketneutral

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Fundoffunds

Passivelong-onlyOtherOveralllongonlycrypto

/shortcryptolong/shortcryptoonlycrypto32Description:Asof2023,thevastmajorityofstrategiesimplementedbycryptohedgefundsweredown,exceptforthemarket-neutralstrategy.Thestrategywiththepoorestoverallperformancewasfundsoffunds,reaching-65percent.However,manycryptocurrencies,includingbitcoin,hadfalleninvalue,yettoreachthepreviousdailypricepeakachievedin2021.ReadmoreNote(s):Worldwide;Q12023;131respondents;cryptonativehedgefundsSource(s):PwCYearonyearcomparisonofhedgefundcryptoinvestmentstrategiesworldwidefrom2022to2023,bystrategytypeYoYcomparisonofhedgefundinvestmentstrategiesforcryptoworldwide2022-2023Shareofhedgefunds202320%20220%5%10%15%25%30%29%35%40%45%41%Multi-strategySystematicMacro32%12%12%21%12%Equity18%33Description:Asof2023Themostpopularhedgefundstrategyfollowedforinvestingincrypto-assetswasamulti-strategy,with41percentofrespondentsnotingparticipationinamulti-strategy,anincreaseofninepercentfromthepreviousyear.

ReadmoreNote(s):Worldwide;Q12023;131respondents;CryptonativehedgefundsSource(s):AIMA;ElwoodAssetManagement;PwCPortionofhedgefundstotalassetsallocatedtocryptoinvestmentsworldwidein2023,byshareoftotalAUMPortionofhedgefundstotalassetsallocatedtocryptoinvestmentsworldwide202330%24%25%20%15%10%5%23%15%15%15%8%0%Lessthan1%Between1%and2%Between2%and5%Between5%and10%Between10%and20%

Between20%and50%34Description:Asof2023,onlyasmallshareofhedgefundsworldwidehadmorethan10percentoftheirassetsundermanagement(AuM)investedincryptoassets.Thatyear,47percentofthehedgefundssurveyedinvestedbetweenoneandtwopercentoftheirAuMincryptoassets.ReadmoreNote(s):Worldwide;Q12023;131respondents;CryptonativehedgefundsSource(s):AIMA;ElwoodAssetManagement;PwCTypesofinvestmentstrategiesfollowedbycryptohedgefundsworldwidefrom2022to2023,bystrategytypeTypesofinvestmentstrategiesfollowedbycryptohedgefundsworldwide2022-20232022202335%30%30%25%20%15%10%5%25%20%19%18%16%14%13%12%12%7%7%7%0%MarketneutralDiscretionarylongonlycryptoQuantitativelong/

Discretionarylong/

Quantitativelongonlyshortcrypto

shortcryptoFundoffundsOther35Description:From2022to2023,shiftsininvestmentstrategiesoccurredformanyofthecryptohedgefundrespondents.In2022,overhalfofthesurveyrespondentsstatedusingeitheraquantitativelong/shortcryptostrategyoramarket-neutralstrategy.Amarket-neutralstrategyaimstoavoidsignificantmarketlosses,oftenbyhedginglongandshortpositionsagainsteachother,howeverby2023,thelevelofhedgefundsimplementingamarket-neutralstrategyfellby10percent.Discretionarylong[...]

ReadmoreNote(s):Worldwide;Q12023;131respondents;cryptonativehedgefundsSource(s):PwCLeadinglocationsofcryptohedgefundworldwideasof1stquarter2022Mostcommoncryptohedgefunddomicilesworldwide2022Shareofcryptofunds0%5%10%15%20%25%30%35%40%45%50%49%55%CaymanIslandsBritishVirginIslandsGibraltar13%12%UnitedStatesCanada10%3%Others13%36Description:Asofthefirstquarterof2022,themaindomicileforcryptohedgefundsweretheCaymanIslands.49percentofthecryptohedgefundssurveyedinthefirstquarterof2022weredomiciledintheCaymanIslands,followedbytheBritishVirginIslands,with13percentofthecryptohedgefundssurveyed.ReadmoreNote(s):Worldwide;Q12022Source(s):ElwoodAssetManagement;PwCShareofcryptohedgefundsusingdecentralizedexchanges(DEXs)in2023,byplatformMostuseddecentralizedexchangesbycryptohedgefundsworldwide202380%75%70%60%50%40%30%20%10%0%40%27%25%15%UniswapdYdXCurveSushiSwapPancakeSwap37Description:ThedecentralizedexchangeUniswapwasthemostusedexchangebycryptohedgefundsasof2023.Threequartersofrespondentsor75percentofrespondingcryptohedgefundsusedUniswap.FollowedbydYdX,beingusedby40percentofthecryptohedgefundssurveyedin2023.ReadmoreNote(s):Worldwide;Q12023;131respondentsSource(s):ElwoodAssetManagement;PwCPrimaryconcernsofcryptohedgefundswhenusingdecentralizedexchanges(DEXs)worldwidein2023PrimaryconcernsofcryptohedgefundswhenusingDEXsworldwide2023Feesandcost-relatedissues8%Liquidityandtradingissues16%Regulatoryandcomplianceissues35%Platformandintegrationchallenges19%Securityandrisk22%38Description:Asof2023,severalpossiblethreatswereposedtocryptohedgefundsbyusingdecentralizedexchanges(DEXs).Fromthesepossiblethreats,roughly15percentofsurveyrespondentsnotedliquidityandtradingissuesasaprimaryconcern.Regulatoryandcomplianceissueswererankedhighest,withoverone-thirdofrespondentsstatingthisasaprimaryissue.ReadmoreNote(s):Worldwide;Q12023;131respondents;CryptonativehedgefundsSource(s):PwCCHAPTER

07AlternativedataPortionofhedgefundstotalassetsallocatedtocryptoinvestmentsworldwidein2023,byshareoftotalAUMPortionofhedgefundstotalassetsallocatedtocryptoinvestmentsworldwide202330%24%25%20%15%10%5%23%15%15%15%8%0%Lessthan1%Between1%and2%Between2%and5%Between5%and10%Between10%and20%

Between20%and50%40Description:Asof2023,onlyasmallshareofhedgefundsworldwidehadmorethan10percentoftheirassetsundermanagement(AuM)investedincry