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Alternative Market Briefing

Where New York hedge fund managers find investment opportunities

Wednesday, October 31, 2012

Benedicte Gravrand, Opalesque Geneva:

Where do fund managers see opportunity these days? Participants at the recent Opalesque New York Roundtable mentioned strategies such as long/short equity, merger arbitrage, event driven, and prospects in structured credit, pharma, European volatility, emerging markets and niche products. So a lot to chose from.

When looking around at what to invest in and how to invest, things don’t look so great in general, Matthew Denning told the Roundtable. "Many markets have been trend-less, creating issues for macro funds and various asset classes. Then spikes of volatility have been torturing those same trading strategies. It is very tough to get bullish in general within credit given where we are in the cycle…" Denning is senior Research Analyst at PineBridge Investments, a $68bn asset manager that runs FoFs.

Equity long/short hedge funds may have returned "disappointing" performance so far this year, but he still sees a lot of opportunity in that strategy. The Hennessee Long/Short Equity Index is up 5% YTD (to end-Sept.).

"We feel that this year has actually been a pretty conducive environment to investing compared to the last three or four years," he said. "The excuses that some of the equity managers have given before – about corr......................

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