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Alternative Market Briefing

U.S. election jitters send top macro and emerging markets hedge funds surging

Tuesday, November 08, 2016

Komfie Manalo, Opalesque Asia:

Hedge funds posted mixed performance to begin the fourth quarter, as U.S. equities weakened amidst increasing uncertainty before Election Day, not just on the presidential-front, but also with regard to the control of Congress and state-level results. Rising market uncertainty resulted in a divergence between top hedge fund firms, which produced strong gains, and smaller firms, which suffered declines.

The HFRI Asset Weighted Composite Index (AWC) posted a gain of +0.6% for October (+1.31% YTD), driven by strong returns in leading macro funds, while the HFRI Fund Weighted Composite Index (FWC) fell -0.6% (+3.59% YTD) for the month, bringing the Index Value to 12,722, as reported by Hedge Fund Research.

"Falling investor risk tolerance drove gains at defensively-positioned, top hedge fund firms across Macro and Equity Hedge strategies in October, while surging M&A activity drove gains within relative value arbitrage and event driven strategies, despite sharp declines among widely-held shareholder activist positions," stated Kenneth J. Heinz, president of HFR.

Heinz said that October represents the fourth consecutive monthly gain for the HFRI Asset Weighted Composite Index and the largest since the AWC Index gained +1.4% in July. October was also the first monthly decline for the HFRI FWC since February, paring the YTD gain to +3.6 percent. Despite the decline, the HFRI FWC outperformed both U.S. and global equities b......................

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