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Alternative Market Briefing

Hedge funds demonstrate 'remarkable resilience’ in January

Friday, February 12, 2016

Komfie Manalo, Opalesque Asia:

Hedge funds displayed remarkable resilience in January with five out of the 11 strategies in the Lyxor Indices ending the month in positive territory, Lyxor Asset Management reported in its latest Alternative Investment Industry Barometer. The Lyxor Hedge Fund Index was down -0.9% in January with the Lyxor CTA Long Term Index leading the pack with 2.2% returns.

Also reporting positive performances were the Lyxor Global Macro Index, up 0.7% and the Lyxor Fixed Income Arbitrage Index, gaining 0.7%.

Lyxor said that both markets and analysts started the year with reasonable growth expectations. But these were aggressively revised down, triggered by the release of the disappointing Chinese Purchasing Managers Index and the yuan depreciation. "Strikingly, investors started to price in more serious odds for a Chinese hard landing, the growing central banks’ impotence, the risk of a U.S. recession, and the return of global deflation," the report added.

Last month saw CTAs thriving on their short commodities and long bond exposures. Fixed income arbitrage and global macro funds exploited monetary relative and tactical opportunities. To the exception of the L/S equity long bias and special situations funds – hit on their beta - the other strategies managed to deliver flat to modestly negative returns.

"While a sub-par global growth seems well priced in, the accumulation of downside risks ......................

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