More than one out of five developed market stocks and more than two out of five emerging market stocks are in a bear market (down over 20% from a high) in the past 200 days. In the developed market, the percentage of stocks in a bear market has doubled from just 11% in late September to 22% as of Friday’s close. EM stocks have fared worse as just 18% of EM stocks were in a bear market in late September and now 44% are in bear market.
Maverick Fund was up 49.9% for the first quarter, while Maverick Levered gained 52.5%, and Maverick Long Enhanced gained 1.7%. Maverick Long gained 6.3%, while MFQ Neutral was down 5.1%. Q1 2021 hedge fund letters, conferences and more The first quarter was the Maverick Fund's strongest quarter ever, driven mostly by the performance of Coupang, Read More
The aggregate numbers hide a disparity in the regional performance for equities. Since 10/26, the percentage of DM Asia equities that are in a bear market has increased from 9% to 22%. DM EMEA equities have had the worst performance as 36% of DM EMEA stocks are in a bear market. DM Americas equities have fared the best with just 13% of stocks in a bear market.
In the emerging markets, it has been EM Americas that has been blown up recently. 61%, which is an improvement from 76% on 11/11, of EM Americas stocks are in a bear market. 41% of EM Asia and 47% of EM EMEA equities are in a bear market.