Sun, Sep 24, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

GAM reports that March was an 'encouraging month for hedge funds'

Wednesday, April 03, 2013
Opalesque Industry Update - GAM's Hedge Fund Performance Update finds that several trends in risk markets continued in March with positive performance in equities, notably in the US and Japan, continued strength in the US dollar and another month of weakening in the Japanese yen.

Hedge funds enjoyed the third consecutive month of positive performance for the year, with the HFRX Global Hedge Fund index up 0.7% for March and up 3.1% for the quarter. Gains were led by equity-centric strategies, with the HFRX strategy indices for event-driven managers and equity hedge managers up 5.3% and 5.1%, respectively for the quarter. Global macro and CTA strategies continued to deliver mixed results with some negative global macro results offsetting some strongly performing CTA managers to deliver a flat net result for the quarter for the HFRX Macro/CTA index. Relative value managers started the quarter strongly, but were subsequently only marginally positive in February and March, with the HFRX Relative Value index ending the quarter up 1.7%.

Anthony Lawler, Portfolio Manager at GAM, said: “March was another encouraging month for hedge funds with broad-based positive attribution. Many trend following CTA managers had a positive month with performance coming from long positions in the US dollar, Australian dollar, US and Japanese equities, and short positions in the Japanese yen. Equity hedge and event driven managers continued to benefit from exposure to developed market equities and to certain corporate activities and balance sheet restructurings. Within relative value and credit strategies, after a strong January, we saw continued consolidation in credit with generally small but positive contribution from managers in this space.”

“The Cyprus crisis did not cause material broad-based pain for hedge funds in March. However there is concern that this crisis is yet another symptom of the unresolved issues in the European Union, and as a result managers remain generally under-exposed to Europe. More globally, hedge fund managers are aware of the seasonal weakness in equities that we often see in a second quarter, especially after a strong start to the year. That said, equity hedge managers are generally positioned for a continuation of the strength in equities in the US and Japan, while remaining underexposed to European-centric names. In other strategies, managers continue to be positive on the opportunities in currencies and credit from both the long and the short side. Overall many managers enter the second quarter with gross exposure towards the upper end of their respective typical ranges.”

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. iCapital Network enters deal to acquire innovative U.S. private equity access fund platform from Deutsche Bank[more]

    Komfie Manalo, Opalesque Asia: Financial technology platform iCapital Network has entered into a definitive purchase agreement to acquire the US Private Equi

  2. Launches - Orchard launches new credit platform, ETN based on hedge fund to launch on the LSE[more]

    Orchard launches new credit platform Orchard Platform has rolled out Deals as a part of its new platform launch. With the addition of Deals to their suite of technology solutions for loan originators and institutional investors, Orchard Platform takes the next step in their evolution. De

  3. Neuberger Berman closes $1.1bn Credit Opportunities Fund[more]

    Neuberger Berman, a private, independent, employee-owned investment manager, announced that NB Private Equity Credit Opportunities Fund LP closed on $1.1 billion of limited partner commitments. The Fund seeks to invest in the secured and unsecured debt of private equity-backed companies, primarily i

  4. Capital Dynamics launches mid-market private credit business[more]

    Capital Dynamics, a global private asset manager, has launched a dedicated Private Credit Asset Management business. Experienced industry executives Jens Ernberg and Thomas Hall have joined Capital Dynamics to co-lead the company's new private credit initiative. They are based in Capital Dynamics' N

  5. ...And Finally - FAN-antic[more]

    From Newsoftheweird.com: Jeffrey Riegel, 56, of Port Republic, New Jersey, left 'em laughing with his obituary's parting shot at the Philadelphia Eagles. In it, Riegel asked that eight Eagles players act as pallbearers, "so the Eagles can let me down one last time." Riegel owned season tickets for 3