The Fortitude Capital Absolute Return fund has won the Alternative Investment Management Association (AIMA) Hedge Fund of the Year award for 2008.
An independent panel of local hedge fund experts determined the winners, based on how successful managers were at meeting their investment goals.
Funds were assessed on their absolute returns, Sortino ratio or risk adjusted performance measures, and rates of performance drawdown and recovery.
The process saw over 200 hedge funds examined, with 15 finalists chosen across eight categories.
Other winners were the Kapstream Absolute Return Income Fund as Best Emerging Manager, Mathews Sabre Fund as Best Long Short and Absolute Return Fund and Bennelong Long Short Equity Fund as Best Market Neutral Fund.
Telstra Super was voted Best Investor supporting Australian Managers, and AIMA Australia chair Kim Ivey received the award for contribution to the Australian Hedge Fund Industry.
The awards were presented at the annual Hedge Funds Rock industry event, with over 400 professionals in attendance.
"Hedge Fund managers have attracted a great deal of attention in recent months, so it is important we use industry events as a way to improve understanding of hedge funds and the relevance of their strategies," Ivey said.
The award night also saw funds raised for the Cure Our Kids cancer charity.
