Sat, Nov 28, 2015
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: Hedge fund marketing and the selling cycle[more]

    By Bruce Frumerman. How long is the selling cycle now? That’s a question my financial communications and sales marketing consulting firm has been asked on a regular basis by hedge fund firm owners and sales people, ever since we opened the doors to our firm in 1987 pre-crash. Wa

  2. People - Solus Alternative Asset Management adds chief strategist from BTIG[more]

    From Daniel Greenhaus joined hedge fund manager Solus Alternative Asset Management as managing director and chief strategist. He will work closely with Chris Bondy, Solus’ chief economist, managing director and executive vice president, said Chris Pucillo, CEO and chief investmen

  3. Opalesque Roundtable: Seeding deal terms can be onerous for hedge funds[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: Executives from fund of funds firms, family offices, a placement agent, a private equity firm, and an accounting firm gathered in Connecticut last month for the

  4. Opalesque Roundtable: Family offices flock to co-investment[more]

    Bailey McCann, Opalesque New York: Co-investments have been a hot topic for pension funds in recent years, as they try to move away from high fees and improve transparency. But now, family offices are more readily getting into the mix and establishing in-house deal teams, according to the delega

  5. More institutional investors invest in CTAs compared to last year despite dissatisfaction with performance[more]

    Benedicte Gravrand, Opalesque Geneva: "Despite a strong start to 2015 for CTAs in Q1, commodity market conditions have made return generation difficult for fund managers over much of the rest of the year to date," says Preqin’s November