The With Intelligence EuroHedge Awards shone a light on the industry's star risk-adjusted performers in 2022, across a range of categories.

Nominees and winners were determined objectively, using a combination of Sharpe ratios and absolute returns. This quantitative approach makes us the only awards to reflect the two primary aims of hedge funds – to manage volatility, and to deliver positive returns for investors.

The awards released three rounds of nominations in November, December, and January, with the final shortlist being confirmed with the January nominations.

2022 categories included:

European Equity - under $500m
European Equity – over $500m
Global Equity
UCITS – Equity Strategies
UCITS – Macro, Fixed Income & Relative Value
Equity Market Neutral & Quantitative Strategies
Convertibles & Volatility
Event Driven & Distressed
Fixed Income
Specialist Finance
Specialist Equity
Commodity & Currency
Emerging Markets
Managed Futures - under $500m
Managed Futures - over $500m
Emerging Manager & Smaller Fund - Equity Strategies
Emerging Manager & Smaller Fund – Macro, Fixed Income & Relative Value
New Fund of the Year – Equity Strategies
New Fund of the Year – Macro, Fixed Income & Relative Value
Long Term Performance (5 years) – Equity Strategies
Long Term Performance (5 years) – Macro, Fixed Income & Relative Value
Management Firm of the Year
Advancing Diversity, Equity & Inclusion
Fund of the Year

Criteria in detail

Nominations for the individual strategy categories are based on 12-month performance numbers from January 2022 to the end of December 2022. Nominations for the Long-Term Performance awards are based on a five-year period from January 2018 to December 2022.

There are also awards for New Fund of the Year – covering those funds that were launched between July 2021 and June 2022, with a trading history of between seven and 18 months.

In addition, there are awards for the Management Firm of the Year – based on the one-year performance across a firm’s various funds – and for the overall Fund of the Year.

For the one-year award categories, the minimum fund asset level required to qualify for nominations is $100mn – with nominations being based primarily on Sharpe ratios over the 12-month period.

The winners are those funds that meet the relevant criteria and which achieve the highest returns among the nominated funds – so long as they are also within 25% of the best Sharpe ratios within their nominated peer groups.

To qualify for nominations, funds must achieve annualised returns higher than the median returns for their peer groups – and they must also be within 10% of their high water marks that were set before the start of the performance period under review.

For the New Fund and Emerging Manager & Smaller Fund awards, the minimum asset threshold is set at a lower level – while the minimum asset level for the Long Term Performance awards is $500mn.

For the Long-Term Performance, New Fund, Emerging Manager & Smaller Fund, UCITS, Management Firm and Fund of the Year awards – all of which include funds and firms operating across different strategy areas – nominees and winners are judged on additional comparative criteria as well as absolute returns and Sharpe ratios.

For the Fund of the Year award, we will take into account the qualifying winners in other categories – as well as other funds with exceptional performance which may have missed out on individual strategy awards by being narrowly outside the range on Sharpe Ratio.

Nominations for the Fund of the Year award will not be announced until the evening of the event itself.

To be included in the nomination process, funds must appear in the HFM Database. All funds that wished to be considered for the final round of nominations must have submitted to the database by Friday 6 January 2023.

Amy Castle
+44 (0)20 7832 6674