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Alternative Market Briefing

A good week for hedge funds and CTAs, investors to maintain or increase allocations

Thursday, August 28, 2014

Komfie Manalo, Opalesque Asia:

Most hedge funds and CTAs posted positive returns last week as the markets started their rebound and progressively recouped their losses after a challenging beginning in August on the back of higher risk aversion. Easing of geopolitical tension in Iraq and Ukraine fueled renewed investor appetite for risk, said Lyxor Asset Management in its weekly briefing.

According to the briefing, the amplitude of the rebound was however capped by a weaker global macro momentum: a flat and disappointing dynamic in EU, a probable peak in U.S. and the fragilities of the Japan recovery, keeping risk assets under pressure.

Lyxor AM head of research Philippe Ferreira commented, "In this context, Hedge Funds which are overall still long risk, behaved as expected by recovering from the three previous difficult weeks. The Lyxor Hedge Funds Index is up 1.2% this week, back to positive territory on a year to date basis."

At a strategy level, Long Term CTA is the best strategy this week, posting a performance of +3.0%. It was a perfect week as gains came from all of their buckets: long Equities, long Rates, short Energy and short EUR/USD.

Event Driven funds also performed well with Merger Arbitrage index up 1.6% and Special Situation Index up 1.8% this week. Despite the troubled past several weeks and the termination of several large deals, reinforced hedges limited part of the losses.......................

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