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Alternative Market Briefing

GFIA reports that October was positive for Asian markets

Tuesday, November 05, 2013

Beverly Chandler, Opalesque London:

In their October performance notes on hedge funds in Asia Pacific, GFIA reports that Asian markets rebounded over the month on the perception that the Fed is kicking the tapering can down the road. MSCI Asia ex Japan surged 5.6% while the AsiaHedge Asia ex Japan pocketed half that return, the firm writes.

"September was a positive month for most Asian local bond markets. AHP Asia Credit Opportunity Fund (1.6%) benefited from the portfolio manager’s decision to reduce its cash position, and increase gross spread exposures by adding cash bond investments in selected sectors. Bluewaterz (0.6%) saw a 1.0% contribution from its credit positions whereas the credit hedge position dragged down the performance by -0.4% amidst the market rally. Saka (0.4%) had a relatively flat month despite the market rally and outperformance from its new position in the Indonesian Sukuk (dollar-denominated Islamic bonds)."

GFIA found that event-driven strategies continued their strong outperformance in September, with many of the managers continuing to deliver respectable returns. "Late stage, hard catalysts transactions have contributed handsomely to Athos Asia Event Driven (1.24%) fund which continues to see a high gross exposure (360%) given the expected healthy number of M&A closures over the remainder of the year. York Asian Opportunities (2.0%) continues to churn out remarkable returns from their speci......................

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