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Alternative Market Briefing

Emerging market long/short managers with low net exposure help investors to curb losses (Part 2)

Thursday, March 06, 2014

Komfie Manalo, Opalesque Asia:

Emerging markets had a very turbulent start in 2014 as a result of the massive depreciation of the Argentinian Peso (-22%) and Turkish Lira (-9%), said Asian hedge fund specialists GFIA. Entering 2014, Russian and Brazilian (Brazil Bovespa: -10.4%) stock markets slumped near 10% and Turkey, South Africa, Chile and Mexico tumbled 8%, 4%, 8% and 7% respectively.

"Brazil has taken the negative lead due to its domestic environment, which is still marked by uncertainties relative to the developments of the fiscal and monetary policies," GFIA said in its January report. It added that Latin America managers generated a wide spectrum of returns. The portfolio manager for Brasil Capital (-12.3%) holds bleak views towards the market’s short term development while he believes strongly in the substantial medium to long term value of their portfolio companies.

Long short managers running a low net exposure generally painted a less ghastly return picture. BNY Mellon ARX Brazil Fund limited its loss to 2.0% with the help of its short positions and relatively low net exposure of 32%, GFIA said.

The reports said MENA was the only positive emerging market this month as the positive sentiment in 2013 continued into the New Year. MSCI Arabian Market ex SA closed up 3.7% while the S&P Pan Arab Index went up 4.1%. The Egyptian bourse was also up 9.2% as a new constitution was approved, paving way for......................

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