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Alternative Market Briefing

Hedge funds on the bright side ahead of key March monetary decisions and G20 summit

Tuesday, March 01, 2016

Komfie Manalo, Opalesque Asia:

All hedge fund strategies were on the bright side as of end February 26 ahead of the key March monetary decisions and the G20 summit. The Lyxor Hedge Fund Index was up +0.5% (-2.0% YTD), with global macro strongly outperforming.

Lyxor Asset Management said in its Weekly Briefing that the macro managers delivered strong gains, up +1.4% (-1.2% YTD), partially recovering earlier losses. Long USD trades, especially against the UK’s Sterling were rewarding. CTAs posted healthy gains +0.4% (+5.0% YTD).

Philippe Ferreira, a senior strategist at Lyxor AM, commented, "Last week, markets were not ready to fade the recent risky assets bounce. A possible improvement in U.S. data and some acknowledgements of the pain inflicted to banks by negative rates also helped. Besides, oil prices continued to seek a floor – be it at record volatility levels – paced by rumors of OPEC and Russia cooperation."

He added that the two-week bounce since the mid-February lows is unfolding in weakening trading volumes, consistent with unabated risk aversion. Indeed, the market tectonic remains unstable as investors attempt to price in the odds and the shape of a global slowdown with more limited monetary support, as well as the political cracks within the European block (starting with the risk of Brexit). Uncertainty also remained intense regarding the implications of a currency war (with the fate of the dollar and......................

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