Fri, May 27, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Mid-March figures from HFRX show Global Hedge Fund Index up 1.39%, year to date up 3.29%

Tuesday, March 19, 2013
Opalesque Industry Update - The HFRX Daily Indices March 2013 Intra Month Update reveals that hedge funds posted gains over the period, with the HFRX Global Hedge Fund Index gaining +0.86% through mid-March, 3.29% year to date, and the HFRX Market Directional Index posting a gain of +1.39%, 4.94% year to date.

Financial markets extended early 2013 gains into mid-March, as both US and European equities and the US dollar gained through mid-month. US equities eclipsed record highs as the DJIA rose through mid-March, with the S&P 500 approaching a record level while the Nasdaq also posted gains. Broad-based gains were led by sector strength in Financials, Cyclicals, Technology and Telecom; small cap equities also posted strong gains. European equities posted broad-based gains through mid-month as most European currencies fell against the dollar, with equity gains led by Spain, Germany, France, Switzerland and the Netherlands. Asian equities were mixed through mid-month, with another strong gain in Japanese equities complemented by gains in India & Thailand offsetting declines in China, Hong Kong and Australia.

The US dollar gained to a 45 month high against the Japanese yen on continued Bank of Japan stimulus, while rising to 32 month high against the British Pound, and also gaining against the Euro and Swiss Franc. US yields rose as the yield curve steepened, yields fell across Spain, Italy and France, but with little change across Germany, Netherlands or the UK, while commodities gains were led by Natural Gas and Cotton. M&A remained active as credit remained tight, with contribution from positioning in Liberty Global /Virgin Media, Sprint Nextel/Clearwire and the Dell buyout.

HFRX Equity Hedge Index gained +1.39% through mid-March, extending 1Q13 gains and contributing to the 10th consecutive months of gains for Equity Hedge. EH performance was led by growth strategies, with the HFRX Fundamental Growth Index rising +1.73% with contributions from exposure to Technology, Communications and Consumer sectors, as well Emerging Markets and small cap exposure. The HFRX Fundamental Value Index gained +1.40%, with contributions from positioning in large cap exposure to US and European Financials, Telecom and Energy sectors. Equity Market Neutral strategies experienced mixed performance, with the HFRX Market Neutral Index posting a modest decline of -0.07%.

HFRX Event Driven Index posted a gain of +1.29% through mid-March, also extending 1Q13 gains with contributions from Credit and Equity Special Situations strategies. M&A activity accelerated with contributions from transactions in Grupo Model, Aetna/Coventry Healthcare, Liberty Global /Virgin Media, Sprint Nextel/Clearwire. The HFRX Special Situations Index gained +1.60% with contributions from activist positioning and transactions in European financials, Media, Technology and Energy. The HFRX Distressed Index posted a gain of +1.60% as financing for transactions remained accessible and with contributions from American/US Airways.

The HFRX Relative Value Arbitrage Index posted a gain of +0.40% through mid-March, with positive contributions from Convertible and Multi-Strategy Fixed Income strategies, as spreads tightened on improved risk tolerance. The HFRX RV: Convertible Arbitrage Index gained +1.14% with gains concentrated in exposure to Asia Pacific convertibles, while US & European special situations also contributed to gains. The HFRX Fixed Income Credit Index and the HFRX RV: Multi-Strategy Index both extended 1Q13 performance with gains of +0.78% and +0.28%, respectively, with leading contributions from US & Global credit exposures. The HFRX MLP Index continued to lead all strategies for '13 with a gain of +2.00% on continued demand from investors for high quality yield via energy infrastructure exposures.

HFRX Macro Index gained +0.26% through mid-March, with contributions from Currency and Fixed Income strategies & exposures, with mixed performance from quantitative Systematic CTA strategies; managers had tactically increased US exposure on strong gains into February end. The HFRX Emerging Markets Index posted a gain of +1.10% with contributions concentrated in Asia Pacific Fixed Income strategies and Latin American equity. The HFRX Macro: Systematic Diversified Index posted a gain of +0.10% with contributions from long-term strategies and opportunistic currency exposure.

Press release

bc

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. Paul Tudor’s hedge fund trims fee amidst poor performance, keep investors[more]

    Komfie Manalo, Opalesque Asia: Paul Tudor’s $11.6bn hedge fund firm Tudor Investment Corp. announced on Monday it would slash down fees of one of its biggest fund to 2.25% of assets and 25% of profits amidst backlash arising from poor performa

  2. Ares Capital to buy American Capital in $3.4 billion deal[more]

    From PIOnline.com: Ares Management's business development company Ares Capital Corp. is buying troubled BDC American Capital for $3.43 billion, said a joint news release by the BDCs and another release by Ares Management. Ares Capital Corp.'s assets are expected to grow to about $13.2 billion when t

  3. Performance - Hedge fund ETFs take a battering, Have long-short credit funds delivered?[more]

    Hedge fund ETFs take a battering From ETFStrategy.co.uk: It was a blow for the hedge fund world when Hillary Clinton’s son-in-law Marc Mezvinsky announced he would be closing his Greek-focused fund after it plummeted in value by 90%, just two years after it launched. For passive investor

  4. Launches - Man Group and American Beacon launch new emerging debt fund, Nikko AM launches new Japan equity UCITS fund[more]

    Man Group and American Beacon launch new emerging debt fund American Beacon Advisors, an experienced provider of investment advisory services to institutional and retail markets, launched the American Beacon GLG Total Return Fund today. The Fund became effective May 20. The America

  5. Emerging markets hedge funds perform strongly, but capital base erodes[more]

    Komfie Manalo, Opalesque Asia: Latin American Emerging Markets and Russian hedge funds lead industry gains in the first months of 2016, posting strong performances through April as global and EM equity, commodity and currency markets surged in recent weeks following steep losses to begin the year