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Alternative Market Briefing

Some equity long/short managers are reducing net market exposure

Wednesday, November 06, 2013

Benedicte Gravrand, Opalesque Geneva:

According to the monthly reports of two alternative asset managers, many hedge fund managers, especially those pursuing equity long/short strategies, decreased their net exposure towards the end of October. One suggests this could be a harbinger of a pullback in the equity market.

Equity hedge and event driven managers continue to outperform Investors focused on the partial shutdown of the American government in early October, but then markets rallied from mid-month, with increasing equities, credit and bonds markets, giving opportunities for profit to equity hedge and event driven managers who kept a high gross exposure level, Anthony Lawler, portfolio manager at GAM, said in a statement yesterday. GAM is an independent, active asset manager listed on the Swiss stock exchange, with AuM of around $123bn.

Many of those managers, he continued, see attractive fundamental alpha opportunities and will stay fully gross invested into November.

"But at the same time, they have decreased their net exposure to be less susceptible to a pause or reversal in equity markets should that come before year-end," he added.

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