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Alternative Market Briefing

FRM: July should be viewed as a positive month for hedge funds

Tuesday, August 06, 2013

Benedicte Gravrand, Opalesque Geneva:

FRM, Man Group’s $16.7 billion fund of hedge funds and managed accounts business, maintains its view that markets will trade on low volumes with range-bound markets due to the combination of fundamental data and central bank policy.

In July 2013, the firm says it its latest "Early View" report, US 10yr treasury yields continued to rise while the short-end of the European and US curves both saw yields fall to 'normal' levels; the lower volatility helped global credit markets with spreads; the municipal bond market did not recover to the same extent as short-term sovereigns or credit (as Detroit held back valuations); market volumes remained low; emerging markets continued underperforming; and Japan was a clear outlier.

As for the hedge fund industry, according to FRM, it returned positive performance in July, following a negative June.

The HFRX Global Hedge Fund Index returned +2.57% in July, -1.89% in June, and +7.27% YTD (currently up 0.35% MTD).

"Earnings season provided good opportunities for Equity Long-Short managers, and meant that company-specific factors were a larger driver of stock performance than background macroeconomic news," FRM states. Managed futures got some respite in July with flat returns; energy traders and emerging market managers also ......................

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