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Alternative Market Briefing

Some of the hedge funds that benefit from the Brexit turmoil

Tuesday, June 28, 2016

Benedicte Gravrand, Opalesque London:

After the UK voted to leave the European Union on 23 June, hedge funds who either shorted UK stocks, bought bonds, shorted the British pound or capitalised on volatility benefited. According to the Financial Times, they include Odey Asset Management, Marshall Wace, TT International, Winton Capital Management, Aspect, Atlantic Investment Management. However, many other hedge funds avoided making big bets ahead of the referendum, given the degree of uncertainty over the outcome. Investors will have a better idea of how the hedge fund world has done when the July performance reports are out.

The NuWave Matrix Fund, a CTA, was up 12% on Friday, putting it up around 10% for the year, according to Economic Times. Schonfeld Strategic Advisors, which uses market neutral equity and quant strategies, reduced its overall market exposure in hopes of capitalising on post-vote volatility and was also in positive territory. Winton Capital, one of the world's biggest hedge funds, said its flagship systematic trading strategy was up 3.1% early on Friday. Winton’s founder David Harding was part of the Remain campaign. He credited its "long-standing" sho......................

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