The Q4 2023 edition of the Hedge Fund Confidence Index (HFCI) surveyed 235 hedge fund firms worldwide, collectively managing approximately US$2 trillion in assets, over the week commencing the 11th December. The results show an average confidence level of +15.6, a decrease of six points from Q3, and just below the average score of +17.7. 

 Based on a sample of 300 hedge funds (accounting for approx. US$2.2 trillion in assets) that participated in the industry poll taken throughout the week ending 29 September 2023, the average measure of confidence (in the economic prospects of their business over the coming 12 months) is +21.6, up seven points on the confidence score reported in Q2. This quarter’s score is likely bolstered by an overweighting of larger hedge fund managers (those with an AUM greater than US$1 billion), who historically record higher scores. This edition is also overweight hedge funds pursuing equity-focused strategies that are enjoying a resurgence, contributing to the confidence uplift. Almost all (97%) hedge fund respondents recorded a positive confidence score with all regions and almost all strategies’ confidence scores back above their respective rolling averages. 

 The latest HFCI is based on a sample of 408 hedge funds (accounting for approx. US$3.34 trillion in assets and the largest ever HFCI in terms of the absolute number of respondents and overall AUM) that participated in the industry poll taken throughout the week ending 23 June 2023.

Based on a sample of 272 hedge funds (accounting for approx. US$1.9 trillion in assets) that participated in the industry poll taken throughout the week ending 31 March 2023, the average measure of confidence (in the economic prospects of their business over the coming 12 months) is +16.3, marking an improvement in sentiment since the end of last year, albeit trending slightly below the historical average.