Arrow_Blue_Orange.pngCrowded Trades Don't Explain Managers' Recent Pain



It has been a tough couple months for many managers, especially hedge funds. Some have speculated that there has been a large unwinding of crowded risk-factor positions. We do not see that in our factor returns, and instead propose a few other possible culprits.





Author: 
Melissa R. Brown, CFA
Managing Director, Applied Research
Arrow_Blue_Orange.pngCrowded Trades Don't Explain Managers' Recent Pain



It has been a tough couple months for many managers, especially hedge funds. Some have speculated that there has been a large unwinding of crowded risk-factor positions. We do not see that in our factor returns, and instead propose a few other possible culprits.
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Author: 
Melissa R. Brown, CFA
Managing Director, Applied Research