Fund manager Prodigal has taken out the top honour at the Australian Hedge Fund Industry Awards with its Absolute Cayman Fund winning the hedge fund of the year prize.
The Prodigal offering beat the Tasman Market Neutral Fund (AUD onshore) and the Kapstream Wholesale Absolute Return Income Fund in the premier category.
The Prodigal Absolute Cayman Fund also won the best Long Short and Absolute Return fund category on the night. Tasman didn't go hame empty handed, with its Market Neutral Fund (AUD onshore) taking out the Best Market Neutral Fund award on the night.
Other winners included the Pengana Asia Special Events Fund in the Best Emerging Manager category, the GMO Systematic Global Macro Trust Class B in the Best Global Macro/Futures Fund class, and the New Zealand Assets Management Global Fund in the Best Fund of Funds category.
In all, over 150 hedge funds were assessed as part of the awards process that used absolute returns versus their peers over a period of time, rates of performance drawdown and recovery, and Sortino ratios as a risk-adjusted performance measure as the main judging criteria.
Two other special awards were handed out on the night, with David Bell from St Davids Rd Advisory taking out the Contribution to the Australian Hedge Fund Industry gong and ING Investment Management being recognised as the Best Supporting Australian Manager to hedge funds.
"AIMA (Alternative Investment Management Association) Australia is delighted to again support this event," AIMA Australia president Kim Ivey said.
"The Hedge Fund Industry Awards themselves are the benchmark awards that recognise talent, diversity and achievements in the Australian hedge fund industry," he said.
