Several studies have put forward that hedge fund returns exhibit a nonlinear relationship with equity market returns, captured either through constructed portfolios of traded options or piece-wise linear regressions. This paper provides a statistical methodology to unveil such nonlinear features with respect to returns on benchmark risk portfolios. We estimate a portfolio of options that best approximates the returns of a given hedge fund, account for this search in the statistical testing of the nonlinearity, and provide a reliable test for a positive valuation of the fund. We find that not all fund categories exhibit significant nonlinearities, and that only a few strategies provide significant value to investors. Our methodology helps identify individual funds that provide value in an otherwise poorly performing category.

Lucror Analytics: Proprietary Hedge Funds Data for Credit Quality & Bond Valuation

At Lucror Analytics, we provide cutting-edge corporate data solutions tailored to fixed income professionals and organizations in the financial sector. Our datasets encompass issuer and issue-level credit quality, bond fair value metrics, and proprietary scores designed to offer nuanced, actionable insights into global bond markets that help you stay ahead of the curve. Covering over 3,300 global issuers and over 80,000 bonds, we empower our clients to make data-driven decisions with confidence and precision.

By leveraging our proprietary C-Score, V-Score , and V-Score I models, which utilize CDS and OAS data, we provide unparalleled granularity in credit analysis and valuation. Whether you are a portfolio manager, credit analyst, or institutional investor, Lucror’s data solutions deliver actionable insights to enhance strategies, identify mispricing opportunities, and assess market trends.

What Makes Lucror’s Hedge Funds Data Unique?

Proprietary Credit and Valuation Models Our proprietary C-Score, V-Score, and V-Score I are designed to provide a deeper understanding of credit quality and bond valuation:

C-Score: A composite score (0-100) reflecting an issuer's credit quality based on market pricing signals such as CDS spreads. Responsive to near-real-time market changes, the C-Score offers granular differentiation within and across credit rating categories, helping investors identify mispricing opportunities.

V-Score: Measures the deviation of an issue’s option-adjusted spread (OAS) from the market fair value, indicating whether a bond is overvalued or undervalued relative to the market.

V-Score I: Similar to the V-Score but benchmarked against industry-specific fair value OAS, offering insights into relative valuation within an industry context.

Comprehensive Global Coverage Our datasets cover over 3,300 issuers and 80,000 bonds across global markets, ensuring 90%+ overlap with prominent IG and HY benchmark indices. This extensive coverage provides valuable insights into issuers across sectors and geographies, enabling users to analyze issuer and market dynamics comprehensively.

Data Customization and Flexibility We recognize that different users have unique requirements. Lucror Analytics offers tailored datasets delivered in customizable formats, frequencies, and levels of granularity, ensuring that our data integrates seamlessly into your workflows.

High-Frequency, High-Quality Data Our C-Score, V-Score, and V-Score I models and metrics are updated daily using end-of-day (EOD) data from S&P. This ensures that users have access to current and accurate information, empowering timely and informed decision-making.

How Is the Data Sourced? Lucror Analytics employs a rigorous methodology to source, structure, transform and process data, ensuring reliability and actionable insights:

Proprietary Models: Our scores are derived from proprietary quant algorithms based on CDS spreads, OAS, and other issuer and bond data.

Global Data Partnerships: Our collaborations with S&P and other reputable data providers ensure comprehensive and accurate datasets.

Data Cleaning and Structuring: Advanced processes ensure data integrity, transforming raw inputs into actionable insights.

Primary Use Cases

1. Portfolio Construction & Rebalancing Lucror’s C-Score provides a granular view of issuer credit quality, allowing portfolio managers to evaluate risks and identify mispricing opportunities. With CDS-driven insights and daily updates, clients can incorporate near-real-time issuer/bond movements into their credit assessments.

2. Portfolio Optimization The V-Score and V-Score I allow portfolio managers to identify undervalued or overvalued bonds, supporting strategies that optimize returns relative to credit risk. By benchmarking valuations against market and industry standards, users can uncover potential mean-reversion opportunities and enhance portfolio performance.

3. Risk Management With data updated daily, Lucror’s models provide dynamic insights into market risks. Organizations can use this data to monitor shifts in credit quality, assess valuation anomalies, and adjust exposure proactively.

4. Strategic Decision-Making Our comprehensive datasets enable financial institutions to make informed strategic decisions. Whether it’s assessing the fair value of bonds, analyzing industry-specific credit spreads, or understanding broader market trends, Lucror’s data delivers the depth and accuracy required for success.

Why Choose Lucror Analytics for Hedge Funds Data? Lucror Analytics is committed to providing high-quality, actionable data solutions tailored to the evolving needs of the financial sector. Our unique combination of proprietary models, rigorous sourcing of high-quality data, and customizable delivery ensures that users have the insights they need to make smarter dec...

Brazil Portfolio Assets: ICVM 555: Not FIC: Option: Released Position data was reported at 26,058,432,661.160 BRL in Aug 2023. This records a decrease from the previous number of 27,882,132,864.460 BRL for Jul 2023. Brazil Portfolio Assets: ICVM 555: Not FIC: Option: Released Position data is updated monthly, averaging 7,129,226,049.870 BRL from Jan 2006 (Median) to Aug 2023, with 212 observations. The data reached an all-time high of 87,408,687,656.520 BRL in Aug 2022 and a record low of 444,279,728.970 BRL in Feb 2006. Brazil Portfolio Assets: ICVM 555: Not FIC: Option: Released Position data remains active status in CEIC and is reported by Securities and Exchange Commission of Brazil. The data is categorized under Global Database’s Brazil – Table BR.ZC002: Investment Fund: Portfolio Assets. Portfolio Assets: ICVM 555: Not FIC: Option: Released Position The ICVM 555 is the instruction that replaces the ICVM 409 OF August 18, 2004, starting to provide about establishment, management, operation and dissemination of investment fund information. The investment fund is a pooling of resources, made in the form of condominium for the investment in financial assets.

CoinAPI provides reliable and top-quality solutions for Hedge Funds involved in cryptocurrency trading. It delivers crypto market data, and seamless trading connectivity across multiple global exchanges.

Our platform enables Hedge Funds to access centralized exchanges (CEX) and decentralized exchanges (DEX), offering comprehensive market coverage with real-time order execution and microsecond-precision price feeds. It is a convenient and reliable option for institutions using advanced trading strategies like high-frequency trading or statistical arbitrage.

➡️ Why choose us?

📊 Market Coverage & Data Types: ◦ Real-time and historical data since 2010 (for chosen assets) ◦ Full order book depth (L2/L3) ◦ Trade-by-trade data ◦ OHLCV across multiple timeframes ◦ Market indexes (VWAP, PRIMKT) ◦ Exchange rates with fiat pairs ◦ Spot, futures, options, and perpetual contracts ◦ Coverage of 90%+ global trading volume (including Bitcoin Price Data)

🔧 Technical Excellence: ◦ 99% uptime guarantee ◦ Multiple delivery methods: REST, WebSocket, FIX, S3 ◦ Standardized data format across exchanges ◦ Ultra-low latency data streaming ◦ Detailed documentation ◦ Custom integration assistance

CoinAPI serves hundreds of institutions worldwide, from trading firms and hedge funds to research organizations and technology providers. Our commitment to data quality and technical excellence makes us the trusted choice for the cryptocurrency market's data needs.

Hong Kong HK Investment Fund: Redemption: Warrants, Futures & Options Funds data was reported at 0.290 USD mn in May 2018. This records an increase from the previous number of 0.270 USD mn for Apr 2018. Hong Kong HK Investment Fund: Redemption: Warrants, Futures & Options Funds data is updated monthly, averaging 7.270 USD mn from Jan 2008 (Median) to May 2018, with 125 observations. The data reached an all-time high of 150.430 USD mn in Jun 2008 and a record low of 0.190 USD mn in Dec 2017. Hong Kong HK Investment Fund: Redemption: Warrants, Futures & Options Funds data remains active status in CEIC and is reported by Hong Kong Investment Funds Association. The data is categorized under Global Database’s Hong Kong – Table HK.Z038: HK Investment Funds Association Statistics. The 'Warrants, Futures and Options Funds' category has been added to the report since January 2008. Before that, warrants, futures and options funds were grouped under 'Other Funds'.

CoinAPI delivers crypto options data and derivatives data with extensive coverage of crypto exchanges. Access data on options contracts through real-time feeds, capturing essential metrics such as open interest and trading volume. This robust data feed is ideal for powering trading systems, risk management platforms, and research tools, offering the accuracy and reliability required for professional derivatives trading.

Integrate via REST API, WebSocket, or FIX, with options for both real-time streaming and historical data.

Why work with us?

Market Coverage & Data Types: - Real-time and historical data since 2010 (for chosen assets) - Full order book depth (L2/L3) - Tick-by-tick data - OHLCV across multiple timeframes - Market indexes (VWAP, PRIMKT) - Exchange rates with fiat pairs - Spot, futures, options, and perpetual contracts - Coverage of 90%+ global trading volume

Technical Excellence: - 99% uptime guarantee - Multiple delivery methods: REST, WebSocket, FIX, S3 - Standardized data format across exchanges - Ultra-low latency data streaming - Detailed documentation - Custom integration assistance

CoinAPI serves hundreds of institutions worldwide, from trading firms and hedge funds to research organizations and technology providers. Our commitment to data quality and technical excellence makes us the trusted choice for cryptocurrency market data needs.

CoinAPI delivers crypto futures data and derivatives data with extensive coverage of global crypto exchanges. Access data on futures contracts, perpetual swaps, and options through real-time feeds, capturing essential metrics such as open interest and trading volume. This robust data feed is ideal for powering trading systems, risk management platforms, and research tools, offering the accuracy and reliability required for professional derivatives trading.

Integrate via REST API, WebSocket, or FIX, with options for both real-time streaming and historical data.

Why work with us?

Market Coverage & Data Types: - Real-time and historical data since 2010 (for chosen assets) - Full order book depth (L2/L3) - Tick-by-tick data - OHLCV across multiple timeframes - Market indexes (VWAP, PRIMKT) - Exchange rates with fiat pairs - Spot, futures, options, and perpetual contracts (Crypto Derivatives Data) - Coverage of 90%+ global trading volume

Technical Excellence: - 99% uptime guarantee - Multiple delivery methods: REST, WebSocket, FIX, S3 - Standardized data format across exchanges - Ultra-low latency data streaming - Detailed documentation - Custom integration assistance

CoinAPI serves hundreds of institutions worldwide, from trading firms and hedge funds to research organizations and technology providers. Our commitment to data quality and technical excellence makes us the trusted choice for cryptocurrency market data needs.

CoinAPI delivers institutional-grade market data for both spot and derivatives crypto markets, covering 350+ global exchanges. Our comprehensive coverage spans the entire crypto trading ecosystem, from traditional spot markets to sophisticated derivatives instruments including futures, options, and perpetual contracts. For Crypto Spot Data, we provide real-time access to trades, OHLCV data, quotes, and detailed order book information across all major trading pairs. Full crypto trade data.

Why work with us?

Market Coverage & Data Types: - Real-time and historical data since 2010 (for chosen assets) - Full order book depth (L2/L3) - Tick-by-tick data - OHLCV across multiple timeframes - Market indexes (VWAP, PRIMKT) - Exchange rates with fiat pairs - Spot, futures, options, and perpetual contracts - Coverage of 90%+ global trading volume

Technical Excellence: - 99% uptime guarantee - Multiple delivery methods: REST, WebSocket, FIX, S3 - Standardized data format across exchanges - Ultra-low latency data streaming - Detailed documentation - Custom integration assistance

CoinAPI serves hundreds of institutions worldwide, from trading firms and hedge funds to research organizations and technology providers. Our commitment to data quality and technical excellence makes us the trusted choice for cryptocurrency market data needs.

Our extensive historical database captures every significant market movement, from the earliest Bitcoin trades through today's crypto ecosystem, across 350+ global exchanges.

This rich historical dataset serves multiple critical functions: from enabling sophisticated strategy backtesting and long-term trend analysis to supporting academic research and trading pattern identification. Whether analyzing market volatility, studying price correlations, or conducting deep market research, our historical data provides the reliable foundation needed for meaningful cryptocurrency market analysis.

Why work with us?

Market Coverage & Data Types: - Real-time and historical data since 2010 (for chosen assets) - Full order book depth (L2/L3) - Tick-by-tick data - OHLCV across multiple timeframes - Market indexes (VWAP, PRIMKT) - Exchange rates with fiat pairs - Spot, futures, options, and perpetual contracts - Coverage of 90%+ global trading volume - Full Cryptocurrency Investor Data

Technical Excellence: - 99,9% uptime guarantee - Multiple delivery methods: REST, WebSocket, FIX, S3 - Standardized data format across exchanges - Ultra-low latency data streaming - Detailed documentation - Custom integration assistance

CoinAPI serves hundreds of institutions worldwide, from trading firms and hedge funds to research organizations and technology providers. Our commitment to data quality and technical excellence makes us the trusted choice for cryptocurrency market data needs.

Hong Kong HK Investment Fund: Sale: Warrants, Futures & Options Funds data was reported at 0.010 USD mn in May 2018. This stayed constant from the previous number of 0.010 USD mn for Apr 2018. Hong Kong HK Investment Fund: Sale: Warrants, Futures & Options Funds data is updated monthly, averaging 1.950 USD mn from Jan 2008 (Median) to May 2018, with 125 observations. The data reached an all-time high of 399.410 USD mn in Feb 2008 and a record low of 0.000 USD mn in Dec 2017. Hong Kong HK Investment Fund: Sale: Warrants, Futures & Options Funds data remains active status in CEIC and is reported by Hong Kong Investment Funds Association. The data is categorized under Global Database’s Hong Kong – Table HK.Z038: HK Investment Funds Association Statistics. The 'Warrants, Futures and Options Funds' category has been added to the report since January 2008. Before that, warrants, futures and options funds were grouped under 'Other Funds'.

CoinAPI provides institutional-grade cryptocurrency market data, delivering real-time and historical data from 350+ global exchanges through a unified API infrastructure. Our platform covers both CEX and DEX exchanges, serving the entire digital asset ecosystem with microseconds-precision data delivery.

Cryptocurrency data: over 800 cryptocurrencies available.

Why work with us?

Market Coverage & Data Types: - Real-time and historical data since 2010 (for chosen assets) - Full order book depth (L2/L3) - Trade-by-trade data - OHLCV across multiple timeframes - Market indexes (VWAP, PRIMKT) - Exchange rates with fiat pairs - Spot, futures, options, and perpetual contracts - Coverage of 90%+ global trading volume

Technical Excellence: - 99% uptime guarantee - Multiple delivery methods: REST, WebSocket, FIX, S3 - Standardized data format across exchanges - Ultra-low latency data streaming - Detailed documentation - Custom integration assistance

CoinAPI serves hundreds of institutions worldwide, from trading firms and hedge funds to research organizations and technology providers. Our commitment to data quality and technical excellence makes us the trusted choice for cryptocurrency market data needs.

United States US: IIP: Liabilities: Financial Derivatives & Employee Stock Options data was reported at 1,561.033 USD bn in Mar 2018. This records a decrease from the previous number of 1,594.223 USD bn for Dec 2017. United States US: IIP: Liabilities: Financial Derivatives & Employee Stock Options data is updated quarterly, averaging 2,980.655 USD bn from Dec 2005 (Median) to Mar 2018, with 50 observations. The data reached an all-time high of 5,967.815 USD bn in Dec 2008 and a record low of 1,123.500 USD bn in Mar 2006. United States US: IIP: Liabilities: Financial Derivatives & Employee Stock Options data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s USA – Table US.IMF.BOP: BPM6: International Investment Position.

CoinAPI delivers crypto perpetual data and derivatives data with extensive coverage of global crypto exchanges. Access data on perpetual contracts, futures, options, and other derivatives through real-time feeds or historical data. Our Crypto Market Data helps traders and analysts with the insights needed to make strategic decisions and seize opportunities in the volatile crypto markets.

Integrate via REST API, WebSocket, or FIX, with options for both real-time streaming and historical data.

Why work with us?

Market Coverage & Data Types: - Real-time and historical data since 2010 (for chosen assets) - Full order book depth (L2/L3) - Tick-by-tick data - OHLCV across multiple timeframes - Market indexes (VWAP, PRIMKT) - Exchange rates with fiat pairs - Spot, futures, options, and perpetual contracts - Coverage of 90%+ global trading volume

Technical Excellence: - 99% uptime guarantee - Multiple delivery methods: REST, WebSocket, FIX, S3 - Standardized data format across exchanges - Ultra-low latency data streaming - Detailed documentation - Custom integration assistance

CoinAPI serves hundreds of institutions worldwide, from trading firms and hedge funds to research organizations and technology providers. Our commitment to data quality and technical excellence makes us the trusted choice for cryptocurrency market data needs.

Norway NO: IIP: Assets: Financial Derivatives & Employee Stock Options: Employee Stock Options data was reported at 0.000 USD mn in Mar 2018. This stayed constant from the previous number of 0.000 USD mn for Dec 2017. Norway NO: IIP: Assets: Financial Derivatives & Employee Stock Options: Employee Stock Options data is updated quarterly, averaging 0.000 USD mn from Mar 2015 (Median) to Mar 2018, with 13 observations. Norway NO: IIP: Assets: Financial Derivatives & Employee Stock Options: Employee Stock Options data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Norway – Table NO.IMF.BOP: BPM6: International Investment Position.

Guatemala GT: IIP: Assets: Financial Derivatives & Employee Stock Options: Employee Stock Options data was reported at 0.000 USD mn in 2018. This stayed constant from the previous number of 0.000 USD mn for 2017. Guatemala GT: IIP: Assets: Financial Derivatives & Employee Stock Options: Employee Stock Options data is updated yearly, averaging 0.000 USD mn from Dec 2008 (Median) to 2018, with 11 observations. The data reached an all-time high of 0.000 USD mn in 2018 and a record low of 0.000 USD mn in 2018. Guatemala GT: IIP: Assets: Financial Derivatives & Employee Stock Options: Employee Stock Options data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Guatemala – Table GT.IMF.BOP: BPM6: International Investment Position: Annual.

Cayman Islands KY: IIP: Assets: Financial Derivatives & Employee Stock Options: Financial Derivatives: Options data was reported at 0.000 USD mn in 2022. This stayed constant from the previous number of 0.000 USD mn for 2021. Cayman Islands KY: IIP: Assets: Financial Derivatives & Employee Stock Options: Financial Derivatives: Options data is updated yearly, averaging 0.000 USD mn from Dec 2019 (Median) to 2022, with 4 observations. The data reached an all-time high of 0.000 USD mn in 2022 and a record low of 0.000 USD mn in 2022. Cayman Islands KY: IIP: Assets: Financial Derivatives & Employee Stock Options: Financial Derivatives: Options data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Cayman Islands – Table KY.IMF.BOP: BPM6: International Investment Position: Annual.

El Salvador IIP: Liabilities: Financial Derivatives & Employee Stock Options: Financial Derivatives: Options data was reported at 0.000 USD mn in 2023. This stayed constant from the previous number of 0.000 USD mn for 2022. El Salvador IIP: Liabilities: Financial Derivatives & Employee Stock Options: Financial Derivatives: Options data is updated yearly, averaging 0.000 USD mn from Dec 2020 (Median) to 2023, with 4 observations. The data reached an all-time high of 0.000 USD mn in 2023 and a record low of 0.000 USD mn in 2023. El Salvador IIP: Liabilities: Financial Derivatives & Employee Stock Options: Financial Derivatives: Options data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s El Salvador – Table SV.IMF.BOP: BPM6: International Investment Position: Annual.

Dominican Republic IIP: Liabilities: Financial Derivatives & Employee Stock Options: Central Bank data was reported at 0.000 USD mn in Sep 2024. This stayed constant from the previous number of 0.000 USD mn for Jun 2024. Dominican Republic IIP: Liabilities: Financial Derivatives & Employee Stock Options: Central Bank data is updated quarterly, averaging 0.000 USD mn from Mar 2020 (Median) to Sep 2024, with 19 observations. The data reached an all-time high of 0.000 USD mn in Sep 2024 and a record low of 0.000 USD mn in Sep 2024. Dominican Republic IIP: Liabilities: Financial Derivatives & Employee Stock Options: Central Bank data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Dominican Republic – Table DO.IMF.BOP: BPM6: International Investment Position.

Namibia IIP: Assets: Financial Derivatives & Employee Stock Options: Financial Derivatives: Options data was reported at 0.000 USD mn in Sep 2024. This stayed constant from the previous number of 0.000 USD mn for Jun 2024. Namibia IIP: Assets: Financial Derivatives & Employee Stock Options: Financial Derivatives: Options data is updated quarterly, averaging 0.000 USD mn from Mar 2009 (Median) to Sep 2024, with 63 observations. The data reached an all-time high of 0.000 USD mn in Sep 2024 and a record low of 0.000 USD mn in Sep 2024. Namibia IIP: Assets: Financial Derivatives & Employee Stock Options: Financial Derivatives: Options data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Namibia – Table NA.IMF.BOP: BPM6: International Investment Position.

Georgia GE: IIP: Assets: Financial Derivatives & Employee Stock Options: Employee Stock Options data was reported at 0.000 USD mn in Jun 2018. This stayed constant from the previous number of 0.000 USD mn for Mar 2018. Georgia GE: IIP: Assets: Financial Derivatives & Employee Stock Options: Employee Stock Options data is updated quarterly, averaging 0.000 USD mn from Mar 2000 (Median) to Jun 2018, with 74 observations. Georgia GE: IIP: Assets: Financial Derivatives & Employee Stock Options: Employee Stock Options data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Georgia – Table GE.IMF.BOP: BPM6: International Investment Position.