|
Komfie Manalo, Opalesque Asia: The Lyxor Hedge Fund Index continued to slide last week as global risk
aversion was elevated. The last quarter of 2014 has been particularly
difficult, with negative returns in December (-2.4% MTD) in addition to
the October drawdown, said Lyxor Asset Management in its Weekly Brief.
Philippe Ferreira, Lyxor AM’s head of research, managed account
platform, said that last week, all hedge fund strategies were down, with
Fixed Income managers underperforming on the back of liquidity issues on
some names.
"Our Fixed Income Broad Index, which aggregates L/S Credit, Fixed Income
Arbitrage and Convertibles Arbitrage, is down 6.1% in Q4 (up to 16
Dec.). Global Macro and Special Situations managers also underperformed,
with the latter being particularly impacted by exposures to energy and
financials in both the equity and credit space," he said.
The Lyxor Hedge Fund index continued to slump, down 1.9%. L/S Equity
managers navigated relatively well and proved their resilience. Market
Neutral and Variable Bias funds (both down 0.2%) outperformed Long Bias
managers (-2.7% last week). They contributed to offset the losses of the
L/S Equity Broad Index, down 1.1%. Fixed Income and Global Macro
managers underperformed, respectively down 2.8% and 2.4%. The Lyxor
Fixed Income Broad Index posted its worst quarter since Q4 2008, is down
6.1%.
But Ferreira said the market...................... To view our full article Click here
|
|