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Komfie Manalo, Opalesque Asia: Hedge funds have exhibited high performance dispersion since the end of
April, both at the strategy and the fund level. The Lyxor Hedge Fund
index posting a flat performance, up 0.06%, but this number is hiding
significant discrepancies behind the scenes, reported Lyxor Asset Management in
its Weekly Briefing.
The Long/Short Equity Broad Index outperformed, up 0.8% as equity
markets performed well on both side of the Atlantic. Asian managers were
the main contributors, with the Pan Asia manager leading the pack, up
almost 5%. Event driven posted good results as well, Lyxor said.
Philippe Ferreira, Lyxor AM’s head of research, managed account
platform, added that on the negative side, CTAs (-0.9%) and macro
managers (-0.8%) suffered from trend reversals. While CTAs posted losses
on their commodities and fixed income buckets, macro managers faced
difficult times on their Forex positioning especially on their short GBP
position.
He said, "On the one hand, directional strategies with diversified bets
on all asset classes were hurt by the rise in volatility and violent
trend reversals. Currencies and fixed income markets have experienced
strong moves lately, with a reversal of themes prevalent in the first
quarter. This was primarily the result of technical retracements on
crowded trades, like short Euro or long bonds. One of the more salient
examples was oil prices sha...................... To view our full article Click here
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