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Alternative Market Briefing

Fixed Income remains hedge funds’ 2011 bright spot
Monday, July 11, 2011

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Vincent Deluard From Kirsten Bischoff, Opalesque New York:

Fixed Income has seen steady inflows this year and remains one of the few bright spots amongst hedge fund strategies. In June performance, fixed income arbitrage is proving itself once again to have the best opportunity set in 2011. Notching returns of +2.38% YTD (Dow Jones Credit Suisse Fixed Income Arb Index). And, although the BarclayHedge Index for fixed income arbitrage registered almost flat in June (-0.12% with fewer than half of the funds reporting in as of yet), that index has registered even stronger YTD performance at +5.03%.

"Hedge fund managers may not like Treasuries, but our flow data shows that investors of all stripes are not shying from bonds," said Vincent Deluard, Executive Vice President at TrimTabs in a recent report by the firm. "Bond mutual funds, bond ETFs, and fixed income hedge funds continue to post sizable inflows." Bearish outlooks in US equities could also see additional fixed income inflows through the second half of the year.

In a recent overview anticipating opportunity in the third quarter, BlackRock’s Head of Fixed Income Peter Fisher says, "the market environment after the end of QE2 remains an unknown given the multiple significant global monetary crosscurrents, including the removal of massive Fed liquidity, the flood of liquidity from Japan, austerity measures in Europe and tightening policy in emerging markets." He also expects opportunities to continue, adding "At the sa......................

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