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Komfie Manalo, Opalesque Asia: Global hedge funds recovered in April with the HFRX
Global Hedge Fund Index gaining +0.41% last month (-1.47% YTD), while
the HFRX Market Directional Index gained +5.31% during the same period
(-1.58% YTD) on resurgent energy and commodities.
In its monthly report, Hedge Fund Research said that the global financial
markets posted mixed performance in April and added that both the Japanese
yen and British pound sterling surged against the US$. Global equities
posted mixed results, with gains in Europe offset by weakness in Asia,
while gains across large and small cap indices were offset by weakness
in technology;
reported earnings were also mixed, with weakness in Apple & Twitter offset
by strength in Amazon.
"Commodities posted sharp gains for the month, extending March gains, led
by surges in oil, natural gas, aluminum, platinum, silver, soybeans and
lean hogs. The Japanese Yen continued to strengthen against the US dollar
as the Bank of Japan surprised FX markets with no new intervention, while
the British Pound Sterling also gained against the US$ as investors
re-priced Brexit risk on increased likelihood of 'Brexin vote' in June. US
treasury yields rose modestly as the curve flattened and high yield credit
tightened," the report added.
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