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Alternative Market Briefing

Hedge funds continue appetite for equities, cautious on U.S. credit

Tuesday, July 15, 2014

Komfie Manalo, Opalesque Asia:

A survey by Lyxor Asset Management showed that the majority of hedge fund managers expect the equities markets in the U.S. and Europe to sustain its rally on the back of accommodative monetary conditions recently reiterated by Janet Yellen, chairman of the Federal Reserve.

However, on the negative side, the managers express caution regarding U.S. credit and China, Lyxor said in its latest Alternative Insight.

The bullish stance on equities, both in Europe and in the U.S., was largely shared by the respondents to the survey. A majority 88% of the managers surveyed expect the S&P 500 to deliver returns above 5% for the full year 2014.

This implies that the second half should at least be flat, thereby preserving the gains posted in the first half (the S&P was up 6% YTD as of 30 June). At the same time, 71% of the respondents do not consider the U.S. equity market to be overvalued.

In Europe, 88% of the respondents expect the Eurostoxx 50 to deliver returns above 5% for the full year 2014 (+3.8% YTD as of 30 June). This implies a rather positive stance for the second half of 2014. Along the same lines, 71% of the respondents believe that the European equity market remains undervalued.

The survey also found that a majority expe......................

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