|
|
Komfie Manalo, Opalesque Asia: Hedge funds continue their rebound this month, with the Lyxor Hedge Fund Index up
0.2% as of end Nov. 3 (+0.3% YTD). In its Weekly Briefing, Lyxor Asset Management said that event
driven outperformed other strategies by capturing the continued upward trend in risk
assets. Positive developments in the healthcare sector also supported that
strategy.
Lyxor AM’s senior strategist Philippe Ferreira said that L/S Equity managers were up
over the week, fuelled by managers exposed to non cyclical and value stocks. Asian
managers did well despite the challenging market conditions in Asia.
Ferreira said, "Last week, markets focused on welcoming encouraging October economic
releases, factoring possible non-US central banks actions, digesting a more hawkish
Fed and jumping into the rally. There was a lot of economic data and EPS releases to
digest which, on balance, conveyed a reassuring take on the mild global recovery.
These, along with the pricing of further easing in Europe and China (and possibly in
Japan), the re-risking of smart money and better technicals, altogether fueled a
risk rally. It filled most of the gap dug since August."
He added that signs are emerging that the pulse of the rally might be exhausting.
Indeed, valuations are back to pre-sell-off level, short covering is leaving
equities with lesser protection and most of the smart money’s re-risking has been
achieved.
Lyxo...................... To view our full article Click here
|
|
RSS
