A vintage year

To date, 2003 has been a good year for hedge funds as an asset class. In the nine months to 30 September, the CSFB/Tremont Hedge Fund Index recorded a gain of 10.50% and returns from specific strategy indices were as high as 20%. However, in a year when traditional market indices have also recorded impressive gains, especially from their lowest points, there is a danger that the continuing attractions of hedge funds will be overlooked as long-only managers once again grab the headlines. To be fair, it is not unusual for hedge fund returns, as expressed by the leading composite indices, to...