London-based Nickel Digital Asset Management (Nickel) writes that it has delivered a record first half performance at its systematic Diversified Alpha Fund.
This is a non-directional multi-strategy fund which wraps a portfolio of attractive but hard-to-access and capacity-constrained strategies into a single, investible fund.
Data from BarclayHedge shows it achieved an 18.6 per cent net return in the first half of 2024, a record performance since the fund’s inception in February 2021. The digital asset fund has also demonstrated resilience and generated returns across both flat and falling market regimes, including April and June this year when the underlying crypto market fell by double digits and in January when the market was flat.
The fund was up 34.1 per cent for the 12 months to 30 June with a 12-month rolling Sharpe of approx 3.2 and Sortino of 4.3.
The firm writes that the year-to-date net return on Diversified Alpha significantly outstrips the returns of 5.3 per cent and 2.9 per cent for the HFRX Equity Market Neutral Index (Flagship Funds) and the HFRX Global Hedge Fund Index, respectively. It is also leading the performance league table for 1H24 for the global hedge funds in multimanager category.
