|
Komfie Manalo, Opalesque Asia: Hedge funds started the fourth quarter on a strong footing, reversing
the previous market downturn with the Lyxor Hedge Fund Index up 1.1% as
of end Oct. 6 (-0.7% YTD). Event-driven outperformed, up 2.2% (-4.2%
YTD), and CTAs underperformed (- 1.9%), extrapolating in the hedge fund
space the sharp market reversal.
In its Weekly Briefing, Lyxor Asset Management said that managers beaten down
during the sell-off rallied the most last week, with single fund weekly
performances printing in the 5-7% range in some cases. "Our cautious
stance on CTAs and our preference for global macro managers paid off,
with the Lyxor Global Macro Index up 2% last week (+2.2% YTD)," said
Philippe Ferreira, senior cross asset strategist at Lyxor AM.
Lyxor added that during the first week of October, risk assets rallied,
with the MSCI World up 5.8%, following expectations that the Fed will
postpone its first rate hike well into 2016. Implied equity volatility
fell, the USD depreciated against major currencies, high yield spreads
tightened, particularly in Europe, and commodities rallied. Finally,
emerging markets received a breath of fresh air with the upturn in
commodity prices.
In the Long/Short equity space, value managers partially recouped the
severe losses experienced during the summer. However, they remain far in
the red on a year to date basis. The report said that the good news is...................... To view our full article Click here
|
|