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Alternative Market Briefing

Hedge funds up a healthy +0.7% in mid-August, buoyed by positive performance of risky assets

Tuesday, August 23, 2016

Komfie Manalo, Opalesque Asia:

The Lyxor Hedge Fund index was up a healthy +0.7% in mid-August (-2.0% YTD), erasing early August losses and with progress in most strategies, supported by the positive performance of risky assets. Directional strategies performed best in the risk-on environment, Lyxor Asset Management reported.

Lyxor added that global macro were the best performing (+1.7%), mainly driven by their positioning on British pound, Mexican peso and Russian ruble. Fixed income funds were up +1.1% as sovereign yields and corporate spreads compressed. Early gains in CTAs eroded ahead of the release of the FOMC minutes and were hurt by surging oil prices. L/S equity funds were the worst performer -0.3%, as sub-strategies with lowest directionality lagged.

Lyxor AM senior strategist Jean-Baptiste Berthon commented, "The Bank of England’s activism and the Brexit timeline getting pushed back contributed toward easing investors’ fears. Meanwhile, a patient Fed kept the dollar and yields under pressure. Economic releases were mixed but evidenced the resilience of developed market consumers. Finally, the recovery in oil prices supported emerging markets assets and credit. While cautiousness remains elevated and trading volumes remain low, better asset returns lifted some pressure off investors’ shoulders. Hedge funds’ portfolios, which have been substantially reshuffled since the UK referendum, also reflect a cautious ......................

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