Children’s Investment Fund triumphs at EuroHedge Awards

The Children’s Investment Fund, managed by Christopher Hohn, took the plaudits of the European hedge fund industry as Fund of the Year at the annual EuroHedge Awards for 2004.

In its first year of trading, the Children’s fund delivered a terrific return of well over 40%, and was the clear winner for 2004. In doing so, it also raised a hugely impressive $18 million in its debut year for children’s charities in developing countries.

The fourth annual EuroHedge Awards dinner was held again at the Natural History Museum in London on 20th Jaunauy, and attended by over 750 of the top professionals in the European hedge fund industry. The awards are held to honour the top risk-adjusted performers of the year.

Other big winners on the evening included BlueCrest and Cheyne Capital, who shared the fiercely-contested award for Management Firm of the Year award. Cheyne also picked up an award in the Event Driven category.

The award for bigger funds in European long/short equity was won by Barclays European Market Neutral, while Lansdowne UK was the clear winner for UK equity. Brevan Howard won the award for Macro. Repeat winners included GLG in Credit, CQS in Convertibles and Endeavour in Fixed Income. New fund of the year winners were RAB Energy for Long/Short Equity Strategies, and the Brummer & Partners Latitude fund in Arbitrage, Relative Value & Macro.

The complete list of winners by category:
EUROPEAN SMALL CAPS: Polar Capital European Smaller Companies
UK LONG/SHORT EQUITY: Lansdowne UK Equity
EUROPEAN LONG/SHORT EQUITY UNDER $500M: Eikos
EUROPEAN LONG/SHORT EQUITY OVER $500M: Barclays European Market Neutral
GLOBAL EQUITY: Sofaer Capital Global
EVENT DRIVEN: Cheyne Special Situations
CONVERTIBLE & EQUITY ARBITRAGE: CQS Convertible & Quantitative
STATISTICAL ARBITRAGE & QUANTITATIVE: Affinium
MIXED ARBITRAGE & MULTI-STRATEGY: F&C Amethyst
MACRO: Brevan Howard
FIXED INCOME: Endeavour
CREDIT: GLG Credit
HIGH YIELD & DISTRESSED: Millennium Global High Yield
MANAGED FUTURES: Global Advisors
NEW FUND OF THE YEAR – LONG/SHORT EQUITY STRATEGIES: RAB Energy
NEW FUND OF THE YEAR – ARBITRAGE, RELATIVE VALUE & MACRO: Brummer & Partners Latitude
MANAGEMENT FIRM OF THE YEAR: BlueCrest and Cheyne Capital
FUND OF THE YEAR: The Children’s Investment Fund

Background & Decision Criteria
To qualify, funds must submit their data to the EuroHedge Database, which captures close to 90% of all European funds. For the main award categories, funds then need to meet a minimum asset level of an average of US$120 million over the past 12 months.

The Sharpe Ratio is used to select the shortlist and the best performing fund among them wins each award, providing the fund’s Sharpe Ratio is within 25% of the best Sharpe Ratio in the category.

For New Fund of the Year, overall Fund of the Year and Management Firm of the Year, the US$120 million minimum is dropped. These awards do not lend themselves to a Sharpe Ratio comparison, so we use an array of other quantitative measures in the decision-making process.

EuroHedge is published by HedgeFund Intelligence, the leading provider of news, analysis and performance data on the global hedge fund industry. The company provides dedicated information on European, Asian and US single managers and on hedge fund investors.

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