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Alternative Market Briefing

Lyxor reports positive 1.32% for July, 3.19% year to date

Tuesday, August 13, 2013

Beverly Chandler, Opalesque London:

Lyxor’s flash report for July shows that 11 of the Lyxor Strategy Indices, out of 14, ended the month of July in positive territory, led by the L/S Equity - Long Bias (+3.08%), the Event Driven - Special Situation Index (+2.63%) and the Event Driven - Distressed Index (+2.09%). The Lyxor Hedge Fund Index posted a positive performance of +1.32% in July (+3.19% YTD).

Lyxor writes: "Financial assets recovered after the painful sell-off in June and hedge funds posted solid results in July. The robust performance was a welcome reversal from the 3.6% loss hedge funds suffered last month, which marked one of the toughest months since 2011. Several factors contributed to a more normalized trading environment, which helped performance. These include a stabilization of US rates, support for growth from China’s authorities and solid earnings in the US vs. expectations. Hedge funds cut beta to a year low of 18 end of June (median equity beta of the Lyxor platform). As markets stabilized and hedge funds became more bullish, beta increased to 22 by mid-July. Despite the increase, hedge fund beta is still below the 36% reached in May, suggesting a relative degree of caution."

Looking specifically at Long/Short Equity funds, Lyxor found that they gained thanks to both positive beta exposure to the market and increased dispersion among stocks and indexes. L/S Equity Long Bias was the best catego......................

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