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Alternative Market Briefing

Hedge funds add exposure, cash levels drop

Wednesday, March 13, 2013

Bailey McCann, Opalesque New York: Hedge funds are continuing to add exposure, cash levels are down to 4.6% in 4Q’12. The top two stocks purchased were Facebook, and Citigroup and most sold were Apple and Tyco International, according to new data from Mary Ann Bartels, lead hedge fund analyst at Bank of America Merrill Lynch Global Research. Market Neutral funds aggressively bought market exposure to 9% net long, similar to their early January positioning. Bartels notes that they are "less likely to chase the market as positioning are already above the 50 L/ 50 S benchmark." Equity Long/Short bought market exposure to 35% net long from 33%.

The investable hedge fund composite index was up 0.44% for the week ending March 6. In terms of strategies Equity Long/Short performed the best, up 0.71%. Market Neutral performed the worst and were down 0.20% for the same period. Across strategies funds are adding to their shorts on emerging markets. Emerging markets are approaching a crowded short.

In commodities, funds bought corn and were essentially flat in soybean & wheat. Gold remains in the buy zone as funds sold gold, silver & platinum, added to their shorts in copper, and were flat in palladium. In energy, funds sold crude oil and heating oil, and were flat in natural gas & gasoline. In currenci......................

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