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Alternative Market Briefing

Asset flows, Asian pullback, could signal shift away from long term market trends

Friday, June 21, 2013

Bailey McCann, Opalesque New York:

The US market has had a rough couple of days, led by Fed comments and the Asian markets which may be signaling the beginning of the end for that region. However, new asset flow data from eVestment shows that recent market activity may be more than a reaction to the Fed. Data shows reversals of long term trends in the equities, credit, commodities and managed futures sectors.

The pivot

Investor interest in equity hedge funds outpaced credit for the first time in 16 months, as equity strategies broadly netted $3.95bn while fixed income/credit strategies suffered their first negative inflow since May 2010. As Opalesque reported earlier this week, hedge funds are pivoting away from global equities to more US focused opportunities, although it is still too early to tell if this is signals a broader rotation or merely a pivot.

Equities overall saw a 2% drop yesterday, the steepest decline since November 2011, following another day of losses on Wednesday. Much of the decline today was attributed to recent comments at the last Federal Open Market Committee (FOMC) meeting. Fed Chairman Ben Bernanke said on Wednesday the Fed could start to winding down its bond buying program this year if the economy is strong enough, and could finish in mid-2014. However, the level of inflows to hedge funds through May remain the lowest......................

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