Sun, Jan 22, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

HFRX Global Hedge Fund Index down 0.09% in April so far (+3.04% YTD)

Friday, April 19, 2013
Opalesque Industry Update - Hedge Funds had a modest decline, with the HFRX Global Hedge Fund Index declining -0.09% through mid-April; the HFRX Market Directional also declined modestly by -0.03%.

The HFRX Relative Value Arbitrage Index posted a gain of +0.39% through mid-month, with positive contributions from Convertible, Multi-Strategy and Corporate Fixed Income strategies. The HFRX RV: Convertible Arbitrage Index gained +1.44% with gains concentrated in exposure to Asia Pacific convertibles, with US & European special situations also contributing to gains. The HFRX RV: Multi-Strategy Index posted a gain of +0.24%, from Commodity Arbitrage strategies and US & Asian credit exposures. The HFRX Fixed Income Credit Index gained +0.33% from exposure to developed economies, partially offset by exposure to emerging markets.

HFRX Macro Index posted a modest decline of -0.02%, with contributions from quantitative Systematic CTA strategies and mixed performance from Fixed Income and Multi-Strategy managers. The HFRX Emerging Markets Index posted a gain of +0.55% with gains in performance in Emerging Asia and Middle East exposures. The HFRX Macro: Systematic Diversified Index posted a modest gain of +0.02% with contributions from long-term trend-following strategies offset by declines in currency strategies.

HFRX Event Driven Index posted a modest decline of -0.04% through mid-April 2013 with contributions from Merger Arbitrage and Distressed strategies, offset by declines in Equity Special Situations managers. M&A activity continued with transactions in FirstMerit/Citizens Republic Bancorp, Liberty Global /Virgin Media, KKR/Gardner Denver, Berkshire/Heinz, Markel/Alterra, with the HFRX Merger Arbitrage Index posting a gain of +0.94%. The HFRX Distressed Index posted a gain of +0.36% as financing for transactions remained accessible and with contributions from exposure in Energy, Consumer and Utilities. The HFRX Special Situations Index declined -0.29% with contributions from transactions in the Energy and Consumer sectors.

HFRX Equity Hedge Index declined -0.69% through mid-April with contributions from Market Neutral strategies offset by declines in Fundamental equity long short managers. The HFRX Market Neutral Index posted a gain of +0.17% from contribution from factor based, trading and behavioral strategies. The HFRX Fundamental Growth Index declined -1.40% from exposure to Communications and Technology sectors and Latin American equity, partially offset by Asian positioning. The HFRX Fundamental Value Index declined -0.40%, from large cap exposure to the US and Europe, partially offset by idiosyncratic positioning in US Cyclical and Financial large cap equity.

Commodities fell sharply through mid-April as Gold posted its worst daily decline in 30 years, while Silver, Platinum and Oil also posted sharp declines. Global equities posted declines as commodities fell, swinging from early month gains to mid-month losses. US equities declined through mid-month, with small cap and growth exposures leading declines; Commodity, Energy, Semiconductors and Telecom posted sharp losses only partially offset by gains in Healthcare & Biotechnology. European equities also posted declines across Germany, France, UK and Russia, with these only partially offset by gains in Italy & Spain. Japanese equities gained again as the Bank of Japan expanded stimulus measures with additional bonds buying and duration increases, extending declines of the Japanese Yen against most currencies; other Asian equities fell across China, India & Korea. The Japanese Yen fell to a 36-month low against the US dollar, but the dollar declined against the Euro, British Pound Sterling and Swiss Franc. As a result of the BoJ stimulus measures, investors aggressively bought government bonds across the US, UK, France, Italy, Spain & Switzerland, driving down yields led by gains in longer dated maturities; both high yield and investment grade credit tightened. Event Driven transactions included Thermo Fisher/Life Technologies, Dish Network/Sprint, Sinclair/Fisher Communications, T-Mobile/MetroPCS, among others.

Comments reference performance as published through April 16, 2013.

Press release

www.hedgefundresearch.com

Bg

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. Investing - This hedge fund made 37% betting on banks in 2016 and remains bullish after the Trump rally, Hedge fund legend David Einhorn is making a big bet on GM, After impressive 85% return in 2016, hedge fund looks to Canadian gold producer, small banks[more]

    This hedge fund made 37% betting on banks in 2016 and remains bullish after the Trump rally From Forbes.com: Can bank stocks continue to rise after a 28% surge in the KBW Bank Index in 2016, fueled by a post-election rally as stock pickers returned to the beaten down sector? Forget the s

  2. SWFs - China sovereign wealth fund CIC plans more U.S. investments[more]

    From Reuters.com: China Investment Corporation (CIC), the country's sovereign wealth fund, is looking to raise alternative investments in the United States due to low returns in public markets, its chairman said on Monday. CIC will boost its investments in private equity and hedge funds as wel

  3. Some hedge funds strong start in 2017 nice contrast to 2016[more]

    With the 2016 HSBC Hedge Weekly performance rankings in the books - a year in which the same leader-board entries pretty much dominated unchallenged throughout the year - comes a new leader board that is a hard-scrabble mix of hedge fund styles and categories. What is clear after but a few short wee

  4. Macro hedge funds and CTAs outperform in December on strong dollar[more]

    Komfie Manalo, Opalesque Asia: The last month of 2016 saw risk assets climbing higher, as part of expectations that the new U.S. administration will remove barriers to growth and investment, Lyxor Asset Management said. December also saw the Fed hik

  5. Opalesque Exclusive: Roxbury credit events UCITS gathers more assets[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: The Roxbury Credit Events Fund, launched in September 2015, was up 4.24% in 2016, having returned seven positive months during the year. The managers raised