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Alternative Market Briefing

Hedge fund flows increased in July, credit turned negative -eVestment

Tuesday, August 20, 2013

Bailey McCann, Opalesque New York:

Hedge fund flows turned back to positive in July led by a sharp rebound of investor interest in Macro fund exposure. July was the second month in the last three where investor flow trends wavered from their recent historical paths, marking increased interest in equity versus credit exposure, according to new asset flows data from eVestment. Performance gains added an additional $16.8bn, or 0.63%, bringing total hedge fund industry AUM to $2.686tn.

Macro fund flows rebounded sharply after elevated redemption in May and June. The net inflow of $7.6bn during the month was the segment’s largest inflow since January 2010 and second strongest showing of investor interest since July 2008, two months prior to the pinnacle of the financial crisis.

Credit fund flows were negative in July by the largest amount since January 2012. Redemptions were led by MBS strategies, which had their second consecutive month of redemptions and their largest since 2006. MBS fund redemptions in June and July follow the groups’ largest losses in more than four years. This may be an indication of the impact of the steepening U.S. treasury yield curve and the potential for the Fed to reduce its buying influence in the agency MBS market. According to a recent Opalesque interview with Guggenheim Investment Advisors, market indicato......................

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