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Alternative Market Briefing

Carpe Annum says Lyxor Research as 2013 shapes up to be a year of opportunities for hedge funds

Wednesday, April 24, 2013

Beverly Chandler, Opalesque London: In their latest publication Lyxor Research writes that risk assets are set to generate positive returns for the remainder of 2013 driven by a slowly expanding global economy and ultra accommodative monetary policy. "We believe that the familiar pattern from the last three years of 2Q data disappointment and consequent risk off is unlikely to repeat itself."

This improving picture Lyxor ascribes to ECB policies over the past year plus liquidity from the Fed and Bank of England. Lyxor believes that these factors should prevent contagion from idiosyncratic risk events like Cyprus or Italian elections. "Global growth should also stay resilient because of spare capacity and reversion to the mean, though at modest levels" the firm writes.

However, they believe that several risks are still highly visible including volatile economic data, the U.S. fiscal retrenchment and European austerity efforts. "Emerging market growth is less dynamic than anticipated. These risks are well known and explain the generally high equity risk premiums globally. We believe that the world continues to normalize in 2013 and the reduced risk premium is the primary driver of equity returns. We have an attractive view of equities among the various asset classes. We continue to prefer equity over fixed income and favor developed over emerging equities."

Lyxor comments that the aggressive stimulus in Japan is the lat......................

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