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Komfie Manalo, Opalesque Asia: Directional hedge fund strategies outperformed in the week ending July 12 as special situations within event–driven and long biased L/S equity funds were up 1.5% and 2.2% respectively (-0.1% and -3.7% YTD respectively) as risk appetite picked up markedly, Lyxor Asset Management said in its Weekly Briefing.
Philippe Ferreira, senior strategist at Lyxor AM commented, "The hedge fund strategies that outperformed last week were precisely those which suffered the most in June when markets were in risk aversion mode. CTAs underperformed and gave back some gains generated over the recent weeks, as bond yields moved higher."
Rising tide lifts most boats
The report added that the broad-based market upswing in the first half of July has benefitted risk assets globally. That follows the release of better than expected economic data in the U.S. and China, suggesting that fears over the strength of the global recovery have been exaggerated.
Meanwhile, the clearer political picture in the UK, following the appointment of Theresa
May as the new Prime Minister, and the victory of Abe’s ruling coalition in the July 10th upper house election in Japan also contributed to boost investors’ confidence.
Equity markets bounced back markedly in Europe and Japan as a result. In addition, value stocks outperformed defensive segments such as quality/ low beta stocks. Credit markets also rallied, with...................... To view our full article Click here
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