PivotalPath has released their monthly report, the Pivotal Point Of View, which measures performance among more than 2,500 institutionally-relevant hedge funds, as well as 40+ different hedge fund strategies and $2.5T in total industry assets. The big takeaway at the end of Q2: The PivotalPath Composite Index is down the most since March 2020, yet the cumulative spread over the S&P YTD has surpassed 19%. While everyone is down, being only down slightly can be considered a win.
Q2 2022 hedge fund letters, conferences and more
Below are a few quick highlights.
- The Pivotal Composite Index’s drop of 1.8% in June was its worst monthly return since March of 2020, though far from the 7.6% drop that month. To put this in context however, the Composite’s (cumulative) spread above the S&P 500 YTD increased above 19%.
- The equity sector focused PivotalPath Healthcare Index and Technology Media and Telecom Index have both been competing for the biggest loser title in 2022 - after vying for the biggest winners most of the past decade.
- Food, Beverage, and Travel are defining the stock market right now. The PivotalPath Social Distance Losers Basket – which includes Darden Restaurants, Marriott and Delta - has a 0.84 correlation to the PivotalPath Composite Index, the highest of among over 250 risk factors and benchmarks.
