Evaluation Associates Capital Markets unveiled an index of non-traditional money managers. Called the EACM 100, it is designed to represent composite performance of some significant sectors of non-traditional investment. Managers in the index are grouped into five major categories: relative value managers, such as long-short managers; event-driven managers, such as arbitrage or bankruptcy managers; equity hedge funds, which are U.S. and non-U.S. managers with a long market bias; global asset allocators, which can go long and short world markets; and short sellers.
Among the index requirements for inclusion are: a designated investment strategy; annual audited returns with at least a one-year audited track record; and assets of at least $20 million. The EACM 100 Index was up 1.5% year to date through February, and up 17.6% in 1995. Short sellers in the index are down 9% this year through February, and global asset allocators were down 1.6% for the same period. All other major index styles are positive for the year.