The alternative risk premia (ARP) industry delivered robust performance in the first quarter of 2019 (“Q1”), exactly like equity markets. A legitimate question, therefore, is if there is a causal link. Beyond assessing the market neutrality of the ARP industry, it is also interesting to ask if the same factors that penalized the ARP industry in 2018 were drivers of the rebound in Q1. This study is therefore a continuation of the research paper published in Risk.net earlier this year – titled “The common drivers behind alt risk premia’s difficult year”.
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