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Alternative Market Briefing

Hedge funds gain in first week of November but wide discrepancy across strategies

Tuesday, November 11, 2014

Komfie Manalo, Opalesque Asia:

Most hedge funds gain in the first week of November even as central banks made several announcements, according to Lyxor Asset Management’s Weekly Brief.

The report said that CTAs significantly outperformed last week. Long term CTAs are up an impressive 4% last week (10% YTD), now the best strategy in 2014 by a wide margin. They are generating performance from almost all asset classes, capitalizing on their long exposures on equities and the USD, and short on commodities. Gains were especially generated on short Euro and Japanese Yen on FX, and short energy and precious metals on commodities.

Philippe Ferreira, Lyxor AM’s head of research, managed account platform, said, "The statement by the Bank of Japan (BoJ) that it would sharply increase asset purchases and the commitment of the European Central Bank (ECB) 'to using additional unconventional instruments’ supported both risk sentiment and the USD. This in turn is providing support for L/S Equity that keeps a bullish bias and also especially for CTAs that are long dollar and short commodities."

Lyxor added that Long/Short Equity funds also benefited from the rally in Japanese stocks. This follows two related announcements: firstly from the BoJ regarding the extension of its QQE program and secondly from the national pension fund which announced it is poised to double its allocation to domestic stocks. As a consequence, Asian L/S e......................

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