Mon, Nov 24, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Hedge funds outperform S&P in November, leverage ticks up - BAML

Tuesday, December 04, 2012

Bailey McCann, Opalesque Industry Update: The investable hedge fund composite index was up 0.13% for November as of November 28, compared to down 0.16% for the S&P 500, according to the latest data from Bank of America Merrill Lynch Global Research. Leverage also began to rise in October. As measured by NYSE Margin Debt, leverage rose 12.1% year-on-year (YOY) to $317.5bn in October, a sign that investors are becoming more confident in the market according to lead hedge fund analyst for Bank of America Merrill Lynch, Mary Ann Bartels.

In terms of strategies, Merger Arbitrage and Convertible Arbitrage are the best performers, up 0.51% and 0.44%, respectively; CTA Advisors performed the worst and was down 0.35%. Macros continued to unwind selling long positions in the S&P 500, NASDAQ 100, commodities and 10-year Treasuries, while partially covering their shorts in the dollar and emerging markets.

In commodities, corn moved back into a crowded long while funds sold soybean and were flat wheat. In metals, funds bought gold, silver, palladium & platinum, and maintained their shorts in copper. In energy, funds bought heating oil & gasoline, sold crude, and added to their shorts in natural gas. The Euro is in a crowded short, and the Yen is approaching a crowded short, funds continue to buy the US Doll......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Investing - George Soros puts $500m of his money on Bill Gross, Soros, Paulson backed Hispania Activos mulls Realia takeover, Ex-Credit Suisse trader’s hedge fund sees yen shorts as crowded, Hedge hunters double default-swaps as views split, Large hedge fund positions come under pressure, Vikram Pandit's fund picks 50% stake in JM Financial's realty lending arm for $87m[more]

    George Soros puts $500m of his money on Bill Gross From WSJ.com: Before Bill Gross was fully settled in at his new firm, Janus Capital Group Inc., he received an unlikely visit from the chief investment officer of famed investor George Soros ’s firm, according to a person familiar with t

  2. Greenlight Re CEO says hedge fund reinsurance strategy buzz is validating[more]

    From Artemis.bm: The attention being paid to the hedge fund reinsurance business model and the fact that others are now looking to leverage bits of it within their own strategies, is validating for reinsurer Greenlight Capital Re, according to CEO Bart Hedges. There has been an increasing buzz

  3. Legal - Hedge fund manager fights £8m tax tribunal ruling[more]

    From FT.com: A hedge fund manager who may have to repay £8m in tax is trying to overturn a tribunal ruling that found he had attempted to shelter millions in an avoidance scheme. Patrick Degorce, chief investment officer at Theleme Partners, lost a tax tribunal case last year. HM Revenue & Customs c

  4. Europe - Hedge funds face exit tax as Iceland central bank discusses plan[more]

    From Bloomberg.com: Hedge funds and other creditors with claims against Iceland’s failed banks face an exit tax as the island looks for ways to unwind capital controls without hurting the economy. The government targets having a plan it can present by year-end that would map out how Iceland will sca

  5. People - Bessemer hires Frank Frecentese for hedge fund advisory role[more]

    From WSJ.com: Multi-family office Bessemer Trust has hired Frank Frecentese to help build out its business advising wealthy families on hedge-fund investments, nabbing him from Societe Generale’s Lyxor asset management arm. Mr. Frecentese, who was the head of hedge-fund investments at Citibank