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Alternative Market Briefing

Hedge funds positive market exposures reach historic levels - Bank of America Merrill Lynch

Monday, August 19, 2013

Bailey McCann, Opalesque New York:

Equity Market Neutral and Long/Short continued to increase their market exposure to above historical average. However, readings are not at extremes, according to the latest hedge fund monitor data from Bank of America Merrill Lynch Global Research. Despite increases in exposure, funds were up 0.93% for July, underperforming the S&P 500.

According to the data, Market Neutral funds raised market exposure to 15% net long from 6% net long. Equity Long/Short also increased market exposure to 42% from 40% net long; slightly above the 35-40% benchmark level.

The Global diversified Hedge Fund Composite Index was up 0.93% for July, compared to a price return of +4.95% for the S&P 500 index. In terms of strategies, Equity Long Short and Event Driven performed the best, up 2.14% and 1.63%, respectively. Short Bias performed the worst, falling 3.54%.

In commodities, funds aggressively bought silver out of a contrarian buy zone, gold remains in a contrarian buy zone. Overall, funds went after metals across the board buying gold, silver, platinum and palladium, while partially covering copper shorts. Agriculture futures remained largely unchanged. In currencies, funds aggressively bought Euro, sold the US Dollar Index, partially covered their shorts in YEN and ......................

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