The treatment of the 2020 investment year, by those with a penchant for looking back, might be heavily influenced by performance. However, investors are now looking forward and contemplating changes to both traditional and alternative investment programmes.

Active management, particularly hedge funds, largely met or exceeded their return objectives in 2020, despite hurdles erected by the global pandemic and geopolitical machinations. By Q4 investors had pivoted their investment processes to deal with the ‘new normal’ and that evolution in the way the hedge fund universe is navigated will be critical.