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Alternative Market Briefing

Hedge funds gain in October despite cuts in equity exposures

Tuesday, November 29, 2011

From Precy Dumlao, Opalesque Asia:

Hedge funds advanced in October, reversing the two successive underperforming months of August and September. This came despite entering the month with reduced equity exposures, according to the latest data from industry Greenwich Alternative Investments, which manages one of the largest hedge fund databases across the globe. The Greenwich Investable Hedge Fund Index returned positive +0.92% last month and finished the third quarter up +0.70% (-3.36% YTD). The index was down -2.37% in September.

GAI Senior Vice President Clint Binkly said in a statement, "Most hedge funds entered the month with reduced equity exposure but still managed to capture upside moves during the month. In volatile periods most managers will elect to gear down their portfolio risk until they can be clear of market direction. That’s what we believe we saw in October. If market sentiment remains strong and Eurozone headlines becomes more encouraging, we would expect the magnitude of hedge fund returns to more closely resemble market moves."

According to GAI, the rebound in the global equity markets helped propel most hedge fund strategies to perform positively last month.

Over October, the Long-Short Equity Funds Index was the best relative performer, gaining 2.23%, compared to an advance of 10.26% in the MSCI ......................

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