Sat, Mar 28, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

HFRX Global Hedge Fund Index -0.33% MTD in April (+2.80% YTD)

Friday, April 20, 2012
Opalesque Industry Update - Equity and commodity markets declined for the first half of April, as volatility spiked on renewed European sovereign debt concerns and weak US employment data. Spanish bond yields rose above six percent, while US yields fell across the curve, credit widened and the dollar gained against most major currencies. Equities traded in a volatile range with most sectors posting declines led by Financials, Technology and Energy, while Spain and Italy led declines across developed Europe. Natural gas extended sharp declines, Industrial and Precious Metals fell, while other commodities were mixed.

Hedge funds posted declines through mid-April, with the HFRX Global Hedge Fund Index declining by -0.37%; the HFRX Absolute Return Index fell by -0.16%.

The HFRX Macro CTA Index posted a decline of -0.10% through mid-April with negative contributions from systematic diversified strategies only partially offset by mixed performance of macro discretionary strategies. The HFRX Systematic Diversified Index declined by -0.37%, with declines in Natural Gas, Grains, and Metals, contributing to losses across quantitative, trend following managers.

Discretionary Macro managers experienced mixed performance with gains in commodity and currency strategies partially offset by declines across fixed income and Emerging Markets exposure.

The HFRX Equity Hedge Index declined -0.28%, through mid-month with negative contributions across both fundamental growth and value managers, as well as weakness across market neutral, technology/healthcare and energy/basic materials. As equity volatility increased, both the HFRX Fundamental Value Index and the HFRX Fundamental Growth Index posted modest declines of -0.04% each, with declines only partially offset by exposure to selected Latin American and European equity. The HFRX Equity Market Neutral Index declined by -0.55% as volatility increased, with gains in Factor-based strategies offset by declines in trading oriented strategies.

The HFRX Relative Value Arbitrage Index posted a decline of -0.37%, with declines across sovereign fixed income and energy infrastructure only partially offset by gains in convertible arbitrage strategies. Widening credit spreads and equity market declines offset the impact of falling yields, with the HFRX RV Multi-Strategy Index posting a decline of -0.31%. In convertibles, rising volatility and falling yields offset widening credit, with the HFRX Convertible Arbitrage Index gaining +0.07%.

The HFRX Event Driven Index posted a decline -0.72% through mid-month, with declines across special situations equity, activist and distressed/restructuring strategies, only partially offset by gains in merger arbitrage.

Both equity and credit strategies experienced weakness through mid-month, with the HFRX Special Situations Index and the HFRX Distressed Index declining by -0.51% and -0.50%, respectively.

Partially offsetting these, gains in M&A activity continued across Energy, Technology and Commodity sectors with core positions in Kinder Morgan/El Paso, United Technologies/Goodrich and Glencore/Viterra deals contributing to gains of the HFRX Merger Arbitrage Index of +0.11% for the period.

Full press release and performance table: www.hedgefundresearch.com
PD

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. Other Voices: Does the hedge fund industry benefit society?[more]

    This article was authored by Don Steinbrugge, Chairman of Agecroft Partners, a US-based global consulting and third party marketing firm for hedge funds. It is no secret that the hedge fund industry is viewed negatively by a la

  2. Private credit comes into focus for investors[more]

    Bailey McCann, Opalesque New York: As investors look for a way out of the low yield/no yield environment, private credit is becoming an increasingly attractive asset class, according to a white paper from Bayshore Capital Advisors. Private credit has grown steadily since the financial crisis as

  3. M&A - Hedge funds no longer attractive targets for banks, reinsurers, Blackstone buys stake in Christopher Pucillo’s Solus event-driven hedge fund[more]

    Hedge funds no longer attractive targets for banks, reinsurers From Institutionalinvestor.com: Swiss RE, the world’s second-largest reinsurer, is looking to sell its 15 percent stake in Jersey, Channel Islands–based hedge fund firm Brevan Howard Asset Management. Morgan Stanley reported

  4. Opalesque Radio: Threadneedle expects continuing equity volatility this year[more]

    Benedicte Gravrand, Opalesque Geneva: Investors should expect more volatility, which is signaling a "slow moving" top to the market, KKM Financial’s founder and CEO Jeff Kilburg told CNBC on Monday. And this volatility is going

  5. Hedge funds show strong performance of 2.52% so far in 2015[more]

    Komfie Manalo, Opalesque Asia: The hedge fund industry got off to a strong start in 2015 "completely unmindful" of the poor performance last year, according to data provider Preqin. According to Preqin, following a year which saw the average he

 

banner