Sun, Mar 29, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Gold positions by the hedge funds lowest since 2002

Wednesday, July 17, 2013

Bailey McCann, Opalesque New York:

Speculative shorts in Gold (non-reportable on a contract basis) are their largest ever, according to new data from Bank of America Global Research. Positioning in gold is at the lowest since 2002, reflecting a trend that has been going since the end of June. Gold broke through the psychological low of 1200 earlier in July. Gold remains in a contrarian buy zone.

"Indeed, the closing break of 1270 points to a near term base and positioning led squeeze higher, which is also confirmed by the extreme readings in the weekly ADX (the indicator has reached levels that have consistently coincided with previous turns in trend). Upside targets are seen to $1320/$1360 and potentially as far as 1452/53," the report says of the trend.

Funds have also sold corn to a net short for the first time since 2005. 10-year treasuries have been solt to a net short for the first time since May.

The Investable Hedge Fund Composite Index was up 0.67% for the month as of July 10, underperforming the S&P 500 index’s price return of 2.88% for the same period. In terms of strategies, Equity Long Short and Event Driven performed the best, up 1.39% and 1.21%, respectively. Equity Market Neutral performed the worst, falling 0.40%.

In terms of positions, Market Neutral funds reduced market exposure to 12% net long from 14% net long. Equity Long/Short kept market exposure steady at 37% net long; in line with the 35-40% benchmark level. Macro funds reduce......................

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. Other Voices: Does the hedge fund industry benefit society?[more]

    This article was authored by Don Steinbrugge, Chairman of Agecroft Partners, a US-based global consulting and third party marketing firm for hedge funds. It is no secret that the hedge fund industry is viewed negatively by a la

  2. Private credit comes into focus for investors[more]

    Bailey McCann, Opalesque New York: As investors look for a way out of the low yield/no yield environment, private credit is becoming an increasingly attractive asset class, according to a white paper from Bayshore Capital Advisors. Private credit has grown steadily since the financial crisis as

  3. Other Voices: The role of diversification in CTA portfolios[more]

    2014 brought a resurgence of managed futures strategies, or CTAs, which performed very well as a whole, outperforming all other hedge fund strategies. However, a closer look reveals that there was a wide range of performance, or return dispersion, across managers. The bottom line? Not all CTAs

  4. Neuberger Berman unit buys 20% stake in activist hedge fund Jana Partners for $2bn[more]

    Komfie Manalo, Opalesque Asia: Neuberger Berman’s unit Dyal Capital Partners bought a 20% stake in activist hedge fund firm Jana Partners worth $2bn, WSJ.com reports. The deal comes as activi

  5. Hedge fund launches fall again, $1bn funds found to outperform even smaller hedge funds[more]

    Komfie Manalo, Opalesque Asia: The number of new hedge fund launches fell again in 2014, the third consecutive year of decline, while fund liquidations saw their first drop since 2010, according to the latest HFR Market Microstructure Industry Report released by industry data provider HFR. Acc

 

banner