Sun, Apr 26, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Scotia Capital Canadian Hedge Fund Index finishes November up 0.27% (-2.09% YTD) on asset weighted basis, down 0.50% (-8.27% YTD) on equal weighted basis

Tuesday, December 20, 2011
Opalesque Industry Update - The Scotia Capital Canadian Hedge Fund Performance Index finished November 2011 up 0.27% on an asset weighted basis and down 0.50% on an equal weighted basis. The Index outperformed broader equities and global hedge fund peers on both asset and equal weighted bases.

November was characterized by more extreme intra-month volatility, as broader equity markets gave back most of October’s gains throughout the month, then reversed dramatically during the last three days. Key drivers impacting markets were investor concerns over worsening European debt issues, a potential default by Greece as its prime minister called a surprise referendum that was subsequently called off, and more fears of contagion, particularly in Italy where bond yields surged. Better than expected retail sales over the US Thanksgiving holiday contributed to the US equity markets’ rally at month end, with the S&P 500 containing monthly losses at -0.51%. Canadian equities followed a similar trajectory, with performance led by the Health Care, Materials and Telecom sectors, and closed out the month at -0.39%. The USD strengthened against most major currencies in November, but weakened slightly against the JPY. Commodities slowed in aggregate on the back of a stronger USD. Expectations for slower economic growth additionally contributed to a decline for base metals. WTI Crude, on the other hand, advanced 7.69% on concerns over supply given unrest in oil-producer Iran.

Canadian hedge funds posted flat results in aggregate in November. The range in performance dispersion was not as wide as in the previous few months. Most managers did not benefit from the strong upswing in risk assets at the end of the month due to generally defensive positioning and lower risk levels. Uncertainty and volatility remain key leitmotifs in the current environment. Full performance table: Source

(press release)

- FG

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. U.S. does not want hedge funds to invest in offshore re-insurers for tax purposes[more]

    Komfie Manalo, Opalesque Asia: The U.S. Treasury Department on Thursday introduced a new rule aimed at limiting hedge funds’ ability to reduce their tax bills by investing in insurance companies in offshore tax havens. As a general rule, the U.S. tax laws does not allow hedge funds to use off

  2. Ruling: Hedge funds suing Argentina can have access to bond offering details[more]

    Komfie Manalo, Opalesque Asia: U.S. District Judge Thomas Griesa in Manhattan ruled yesterday that hedge funds are entitled to details of a recent bond offering by Buenos Aires, reports

  3. Fund managers express concern of overvaluation in both equity and bond markets[more]

    Komfie Manalo, Opalesque Asia: According to the BofA Merrill Lynch Fund Manager Survey, investors see growing overvaluations in both

  4. Update: Wall Street has strong feelings about Jon Corzine trying to make a comeback[more]

    From Businessinsider.com.au: Former New Jersey Governor Jon Corzine is thinking about starting his own hedge fund, according to the Wall Street Journal, and because of the way his last firm imploded, Wall Street has strong feelings about that. “Truth is the larger seeders would never give him money

  5. Opalesque Exclusive: Cybersecurity and hedge funds - A manager’s experience, Part Four[more]

    Benedicte Gravrand, Opalesque Geneva: Ruane, Cunniff and Goldfarb, Inc. used to have their own IT infrastructure. Todd Ruoff, Executive Vice President in charge of trading, operations and technology, was responsible for its maintenance. Then he started looking at outsourced providers a couple of

 

banner