Investors and their advisors are trying to figure out that mix now.
Tim Ng, chief investment officer of consultant Clearbrook Global Advisors, thinks the best-performing hedge funds for 2015 will be those that can take advantage of sharp market moves, such as U.S., Europe and Japan-focused stock-picking hedge funds, and differences in government economic stimulus policy, so-called "macro" or "relative value" strategies that trade government bonds, currencies and more.
"Isolate hedge funds that benefit from increases in volatility and divergent central bank policies," Ng wrote in a 2015 outlook presentation.
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Justin Sheperd, CIO of hedge fund allocator Aurora Investment Management, also believes that coming volatility from reduced central bank market involvement will be good for money managers.
"The combination of low intra-stock return correlation and increased dispersion of returns should create greater investment opportunities for hedge fund managers," Sheperd wrote in a recent outlook piece compiled by Natixis Global Asset Management.
Alexander Healy, director of strategic research at investment manager AlphaSimplex Group, was also optimistic on hedge funds in the new year given the likelihood of increased volatility.
"Given the uncertainty around equities and bonds, we believe that alternative strategies, particularly those that are dynamic and can effectively manage risk, will be a more important part of investors' portfolios in 2015," he said in the Natixis outlook.