Thu, Oct 27, 2016
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

HFRX Global Hedge Fund Index posts gain of +1.04% through mid-September (4.38% YTD)

Thursday, September 19, 2013
Opalesque Industry Update - Hedge funds posted gains for the month with the HFRX Global Hedge Fund Index posting a gain of +1.04% while the HFRX Market Directional Index rose +1.85%.

HFRX Event Driven Index posted a gain of +1.66% through mid-September, 2013, with positive contributions concentrated in Equity Special Situations exposure. The HFRX Special Situations Index gained +2.21% with contributions from exposure to transactions in Energy / Basic Materials and Non-Cyclical sectors and specific contributions from core positioning in Tribune Co., American Airlines, Dell, Dish Network, Apple, Kabel, and Chemtura. The HFRX Merger Arbitrage Index posted a gain of +0.34%, with contributions from transactions in Microsoft/Nokia, Verizon/Vodafone, Koch/Molex, Akorn/Hi-Tech Pharmacal and Thermo Fisher/Life Technologies. The HFRX Distressed Index gained +0.29% for the period with contributions from various restructurings across Communications, Consumer Cyclical and Industrial exposures.

HFRX Equity Hedge Index posted a gain of +1.53% through mid-September, with gains distributed across Growth and Value exposures. The HFRX Fundamental Value Index and the HFRX Fundamental Growth Index gained +1.61% and +1.63%, respectively, with broad based contributions from exposure to large and small cap US, European and Emerging Asian equities. The HFRX Market Neutral Index posted a gain of +0.36% with contribution from fundamental-driven managers, partially offset by quantitative factor-model strategies.

HFRX Macro Index posted a gain of +0.46% through mid-September, with positive contributions of Fixed Income, Currency and Emerging Markets managers partially offset by mixed performance of quantitative Systematic CTA strategies. The HFRX Emerging Markets Index posted a gain of +0.72% with positive contributions from Emerging Asian and Currency strategies. The HFRX Macro: Systematic Diversified Index declined -0.12% with positive contributions from equities and medium-term trend following models offset by Fixed Income, Currency & Commodity exposures.

HFRX Relative Value Arbitrage Index posted a gain of +0.40% through mid-September, with contributions from Convertible and Global Fixed Income strategies. The HFRX RV Multi-Strategy Index posted a gain of +0.40% as gains in Credit strategies were offset by Commodity Arbitrage exposures. The HFRX RV: Convertible Arbitrage Index gained +0.51% on credit tightening, low delta convertibles and gamma positions, while the HFRX Fixed Income Credit Index gained +0.70% as credit tightened and interest rate hedging contributed to gains.

Global financial markets posted broad based gains through mid-September, as investor concerns regarding both US military involvement in Syria, as well as near term significant extraction of stimulus measures, subsided. Equities across the US, Europe and Asia posted strong gains through mid-month, with leadership from Technology, Financials , Oil Services and Cyclicals; gains were broad based across growth and value, as well as across large, small and mid-cap equities. Emerging market equities posted strong gains through mid-month, rebounding from August declines, with leadership from Russia, China, Thailand, India, Brazil and Argentina. European equities also posted strong gains led by Spain, Italy, Germany & France. Asian equities also gained, with leadership from China, Japan, Hong Kong, Thailand and Singapore. US yields rose through mid-month across mid-to-longer dated maturities, as US yield curve steepened on expectations for moderate stimulus extraction and high yield credit tightened. European yields were mixed with increases in the UK, Germany & Switzerland offset by declines in Spain, Turkey, Russia and the Netherlands. Reversing prior month gains, the US dollar fell against most currencies, including the Euro, British Pound Sterling, as well as falling against EM currencies, including the Brazilian Real, New Zealand Dollar and South African Rand. Energy & Metals commodities declined as supply concerns subsided, with Oil, Gold, Platinum and Silver leading declines. Agricultural commodities were mixed thought mid-month, with gains in Sugar & Cocoa offset by declines in Soybeans & Corn.

Comments reference performance as published through September 16, 2013.


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. North America - Hedge-fund manager Kyle Bass says the U.S. is on track for stagflation, Billionaire hedge fund titans Dinan, Lasry on election, markets and best investment ideas[more]

    Hedge-fund manager Kyle Bass says the U.S. is on track for stagflation From Kyle Bass, founder of Hayman Capital Management, on Wednesday warned that the U.S. is headed toward so-called stagflation. Stagflation is typically described as persistently high inflation and hi

  2. David Einhorn speaks on passive investing, Mylan, his cheapest stock, the Fed[more]

    From Greenlight Capital hedge fund manager David Einhorn (Trades, Portfolio) joined nine other famed investors on Tuesday to talk about stocks at the annual Great Investors’ Best Ideas Investment Symposium in Dallas. Presenters at the annual conference typically pitch one or severa

  3. Investing - Fund set up to buy illiquid hedge fund stakes finds plenty of opportunities, Lansdowne's Roden says likes animal genetics company Genus[more]

    Fund set up to buy illiquid hedge fund stakes finds plenty of opportunities From As ValueWalk reported back in February, earlier this year Andrew Lawrence set out to raise $250 million to $500 million for a fund that will buy stakes in hedge funds that have suspended redem

  4. Other Voices: Follow the advice of investment consultants - I think not[more]

    Mark Rzepczynski, Founding Partner, Chief Investment Officer AMPHI Research and Trading, writes on Harvest Exchange: Investment consultants are a force to the reckoned with in the pension world. They advise and drive many pension decisions around the globe. Consultants literally control trillion

  5. Opalesque Roundtable: Style drift, poor communications and credibility fatigue are biggest red flags for hedge funds investors[more]

    Komfie Manalo, Opalesque Asia: Style drift, poor communications and credibility fatigue are the biggest red flags for hedge funds investors, said participants of the latest 2016 Opalesque Investor Roundtable, sponso