Fri, Jan 20, 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 up 0.62% in April (+3.77% YTD)

Friday, May 03, 2013
Opalesque Industry Update - Global financial markets recovered from a sharp intra-month commodity decline, as US large cap equities ended the month of April at record highs once again. Global equity markets were mixed for the month, with gains in US large cap, Technology, Healthcare and Financials partially offset by weakness in small cap, Energy and commodity sensitive exposures. European equities were led by Italian equities, which posted a large gain on optimism over recent political developments, equities in France, Spain, Netherlands, Germany and Switzerland also gained. The Nikkei again led gains for Asian equities, Australia, Philippines & India also gained, while China & Korea posted declines. Commodities fell sharply for the month, with Gold posting the largest 2 day decline in over 30 years, Silver, Platinum and Oil also posted sharp declines. Agricultural commodities were mixed with sharp gains in Hogs and Soybeans offset by declines in Lumber & Rice. US & European bond yields posted declines, led by the sharp decline in Italian bond yields; US yields fell across most maturities, as yields also declined in France, Spain, Netherlands, Germany and Switzerland.

The US dollar gained to a new 4 year high against the Japanese Yen on expectations of continued Bank of Japan stimulus, although the Dollar declined against the Pound, Euro & Swiss France. Hedge funds posted gains for the 6th consecutive month and 9th month in the last 10, with the HFRX Global Hedge Fund Index rising +0.62% for April; the HFRX Market Directional posted a gain of +1.63%.

HFRX Event Driven Index posted a gain of +0.95% for April, leading all strategies and posting a sixth consecutive monthly gain with contributions from Equity Special Situations, Merger Arbitrage and Distressed strategies. The HFRX Special Situations Index gained +1.20% with contributions from transactions in the Communications, Financial and Cyclical sectors, Activist exposure also contributed to gains. The HFRX Merger Arbitrage Index posting a gain of +0.72% as M&A activity continued with contributions from transactions in FirstMerit/Citizens Republic Bancorp, KKR/Gardner Denver, Renasant/First M&F, Liberty Global/Virgin Media and Berkshire/Heinz. The HFRX Distressed Index posted a gain of +0.85% from European Telecom exposure as well as exposure to Energy, Consumer and Utilities.

HFRX Equity Hedge Index posted a gain of +0.56% for April, posting a record 11th consecutive monthly gain, the longest period of consecutive monthly gains since Index inception. The HFRX Fundamental Value Index gained +0.62%, with contributions from Japanese and Emerging Market equities, as well as large cap exposure to the US Consumer and Financials. The HFRX Fundamental Growth Index gained +0.47% with contributions from exposure to Asian equity, Industrial, Financial and Consumer sectors. The HFRX Market Neutral Index posted a gain of +0.47% from contribution from factor based, trading and behavioral strategies.

The HFRX Relative Value Arbitrage Index posted a gain of +0.47% for April, also posting a 6th consecutive monthly gain, with contributions from Convertible, Multi-Strategy and Corporate Fixed Income strategies. The HFRX RV: Convertible Arbitrage Index gained +2.20%, the strongest gain since 2009, with gains concentrated in exposure to Japanese convertibles, with US & European special situations also contributing to gains. The HFRX RV: Multi-Strategy Index posted a gain of +0.29%, with contributions from US & Asian credit exposures and Commodity Arbitrage strategies, while the HFRX Fixed Income Credit Index gained +1.12%.

HFRX Macro Index posted a gain of +0.50% despite commodities posting steep declines, with positive contributions to Index performance from Fixed Income and Currency strategies. The HFRX Emerging Markets Index posted a gain of +2.32% with gains in performance in Emerging Asia and Middle East exposures. The HFRX Macro: Systematic Diversified Index posted a narrow decline of -0.05% as commodities posted sharp declines across Gold & other Metals, with positive contributions from long-term trend-following strategies offset by declines in short-term strategies from reversals experienced in the metals, currencies and fixed income markets.

km

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