Tue, Oct 13, 2015
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

February gains for HFRX Global Hedge Fund Index total 0.43%, 2.50% year to date

Tuesday, March 05, 2013
Opalesque Industry Update - HFRX reports that global financial markets posted mixed gains in February, as active currency trading, robust corporate M&A activity and fluid political developments continued to shape investor expectations for 2013.

The firm writes: "US equities posted gains for the month, with leadership from Technology, Semiconductors and Consumer Durables partially offset by declines in Commodity and Energy related exposures. Uncertainly over political elections in Italy contributed to a mixed performance for European equities for February, with a sharp decline in Italian equities leading smaller declines in Spain and the Netherlands, while the UK and Switzerland posted gains. Asian equities were also mixed on continuation of stimulus and inflation targeting measures by the Bank of Japan; the Nikkei, Australia and the Philippines posted gains while equities in China, Hong Kong and India posted declines. The Euro posted a sharp decline against the US dollar on the Italian elections, while the British Pound Sterling touched a 30 month low against the dollar on continued weak growth and a credit ratings downgrade; the US dollar also gained against the Swiss Franc and Japanese Yen. Yields declined across US, Germany, UK, France and the Netherland, with a notable spike in Italian bond yields. Credit and M&A remained strong, with transactions and special situations activity including Heinz, Comcast/NBC Universal, American-US Airways, Liberty Global /Virgin Media. Commodities posted declines across most Energy, Metal & Agricultural exposures, with Oil, Gold, Silver & Wheat all falling for the month. Hedge Funds posted gains for the 7th month out of the last 8, with the HFRX Global Hedge Fund Index gaining +0.43% and the HFRX Market Directional Index posting a gain of +0.62%.

HFRX Equity Hedge Index gained +1.17% in February, posting its 9th consecutive monthly gains for the first time since 2003. The HFRX Fundamental Value Index posted a gain of +1.72%, with the 2-month gain including January comprising the strongest two month gains since 2010. The Index had contributions across European and US sectors including Industrial, Financials and Energy. The HFRX Fundamental Growth Index gained +0.32%, with contributions from global Emerging Markets, US small cap, Cyclical and Financial sectors. HFRX Market Neutral Index gained +0.19% for the period, with gains across fundamental small cap and pairs-trading strategies.

HFRX Event Driven Index posted a gain of +0.45% in February, as corporate activity continued at a robust pace during the month with significant new strategic and financial transactions announcements, as credit markets for deal-financing remained liquid and accessible. The HFRX ED: Special Situations Index gained +1.06%, with contributions from American-US Airways, Anheuser-Busch-Grupo Model, Office Depot-OfficeMax, as well as activist positioning in Apple and Herbalife. The HFRX Merger Arbitrage Index gained +0.26%, with contributions from Heinz, Metlife, PSS World Medical, Liberty Global /Virgin Media, Dell transactions. HFRX ED: Distressed Index gained +0.12% as credit markets remained open accessible to financing leveraged M&A transactions.

HFRX Relative Value Index gained +0.09% in February, with contributions from Convertible and Multi-Strategy Fixed Income Arbitrage strategies. The HFRX RV: Convertible Arbitrage Index gained +1.45% with gains concentrated in both directional credit and volatility exposures in Asia Pacific convertibles; the HFRX Fixed Income - Credit Index gained +0.66%. The HFRX RV: Multi-Strategy Index posted a modest gain of +0.03%, with positive contributions from commodity spread trading strategies and Global credit exposures. The HFRX MLP Index gained +1.92% as MLPs on strong demands for high quality yield from institutional and retail investors.

HFRX Macro Index posted a modest decline of -0.09% in February, with positive contributions from discretionary fixed income strategies and Multi-Strategy managers offset by Systematic CTA and currency exposures. The HFRX Macro: Systematic Diversified Index posted a decline of -0.51% on commodity weakness and short equity exposure. The HFRX Emerging Markets Index posted a gain of +0.24% with contributions across EM currencies, equities and fixed income.

Press release


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. Manager Profile - Pimco alternative funds flourish as 30-year bond rally fades[more]

    From Bloomberg.com: Inside Pacific Investment Management Co., the bond behemoth that lost two chief investment officers last year and saw almost $500 billion of client money leave, a hidden profit engine is easing some of the pain. For more than a decade, Newport Beach, California-based Pimco has qu

  2. Niche Investing - Art investment funds: Attracting institutional and other new investors[more]

    From Mondaq.com: The Deloitte/ArtTactic Art and Finance Report 2014 (the "Art and Finance Report") noted that the "global art investment fund market was estimated to be worth at least $1.26 billion in the first half of 2014." This seems almost inconsequential when juxtaposed with the $54 billion of

  3. Other Voices: Why fund boards must develop a response to cyber security and financial crime threats[more]

    This article was written by Carne, an international specialist in the provision of independent governance services and European management company solutions to the global asset management industry. A recent SEC action has highlighted how concerned regulators have become about data intru

  4. Hedge fund Barnegat survives September’s market selloff[more]

    Komfie Manalo, Opalesque Asia: Bob Treue’s $679 million Barnegat Fund proved resilient after another month of market letdown as the hedge fund gained 2.2% last month, bringing its year-to-date gains to 2.8%. Treue said in his monthly report to i

  5. …And Finally - Japanese men want upgrade on their virtual girlfriends[more]

    From Newsoftheweird.com: Five years after News of the Weird mentioned it, Japan's Love Plus virtual-girlfriend app is more popular than ever, serving a growing segment of the country's lonely males -- those beyond peak marital years and resigned to artificial "relationships." Love Plus models (Rinko