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Alternative Market Briefing

Lyxor Hedge Fund Index reports 0.33% performance in May, 3.53% year to date

Monday, June 10, 2013

Beverly Chandler, Opalesque London: Lyxor’s Flash report, finds that nine Lyxor Strategy Indices out of 14 ended the month of May in positive territory, led by the Special Situations (+3.05%), the Lyxor Long/Short Equity Long Bias Index (+1.66%) and the Lyxor Merger Arbitrage Index (+1.53%). The Lyxor Hedge Fund Index posted a positive performance at +0.33% in May (+3.53% YTD).

The firm finds that investors were cautious heading into May as soft economic data led to a strong sense of déjà vu and fear of another risk-off period in the spring. "However, the economic data strengthened significantly starting with the US April nonfarm payrolls report in the beginning of May. Risk assets generally rallied in May but the bigger theme was the sharp rotation out of defensive sectors and assets into those with a more cyclical tilt" Lyxor writes.

In contrast, MSCI World was flat in May, showing dispersion among regions. "European markets continued to climb higher spurred by the ECB’s decision to cut rates in addition to some stabilization in the economic data. Japanese equities were up 15% through mid-May but a reversal and subsequent decline in the index trimmed the gain for the month. Bonds showed significant weakness in the month of May across all regions as better economic data made investors question the ultra low yields of government bonds. Credit spreads continued to trade tighter and Commodities fell, paced by a decline in g......................

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