Wed, Aug 20, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

HFRX Global Hedge Fund Index declines -0.14% through mid-November (2.01% YTD)

Thursday, November 22, 2012
Opalesque Industry Update - Global equity markets posted sharp declines through mid-November, 2012, as investors discounted the results of the US Presidential election, the uncertainty surrounding the renewal of US tax incentives and continued uncertainty regarding the European banking and sovereign debt crisis. Equities declined across most sectors, market capitalizations and regions, with steepest losses across certain Technology and Utilities concentrations, small cap equities and Italy, Germany, Australia and China regions, in addition to US weakness. The US dollar gained against the Euro, British Pound Sterling and Japanese Yen, as US yields declined for the month across the maturity curve and high yield credit weakened. Commodities posted mixed performance across Agricultural, Energy and Metals, with gains in Cotton, Oil and Aluminum offset by declines in Soybeans, Corn & Coffee. Hedge funds posted declines through mid-month with the HFRX Global Hedge Fund Index declining -0.14% and the HFRX Market Directional Index declining -0.09%.

The HFRX Equity Hedge Index posted a decline of -0.47% through mid-November, with weakness concentrated in US equity and Energy/Basic Material exposure, only partially offset by gains in Emerging Markets and European equity. The HFRX Fundamental Growth Index gained +0.18% from exposure to Technology, Consumer and Brazilian equities. The HFRX Fundamental Value Index declined -0.61% from US large cap equity, partially offset by European positioning. The HFRX Market Neutral Index posted a modest decline of -0.05% with gains in factor-based market neutral strategies, offset by declines in fundamentally-driven market neutral managers.

The HFRX Macro CTA Index posted a gain of +0.14% for the period, as weakness in Systematic Macro strategies was offset by gains in Latin American and European Fixed Income, Discretionary Currency and Multi-Strategy managers. The HFRX Systematic Diversified CTA Index posted a decline of -0.33%, with weakness in medium-term trend following managers partially offset by currencies and fixed income strategies.

The HFRX Relative Value Arbitrage Index posted a decline of -0.11% through mid-November, from mixed performance across Convertible Arbitrage strategies and declines in corporate credit multi-strategies managers. Credit widening and falling equities generated losses while spread trading strategies posted gains; the HFRX RV: Multi-Strategy Index posted a decline of -0.15%. The HFRX Convertible Arbitrage Index posted a gain of +0.17% as declines from falling volatility and credit widening in US exposure were offset by strength in Emerging Markets Asia.

The HFRX Event Driven Index posted a decline of -0.06% with weakness in Equity Special Situations and Activist strategies partially offset by gains in Merger Arbitrage and Distressed managers. Transactions in the M&A space continued as UPS announced its acquisition of TNT Express and activity in the Glencore/Xstrata deal and other Energy, Banking and Pharmaceutical sectors developed. The HFRX Merger Arbitrage Index posted a gain of +0.37% on mixed contributions from core positions in Glencore/Viterra, Eaton/Cooper Industries, Health Care REIT/Sunrise Senior Living, McKesson/PSS World Medical, among others. The HFRX Special Situations Index declined -0.10%, with losses in short Consumer and Communications positioning partially offset by gains in the Energy and Utilities sectors. The HFRX Distressed Index posted a modest gain of +0.03% for the period.

Press release

Comments reference performance as published through November 19, 2012.

Full performance table: www.hedgefundresearch.com/hfrx_reg/index.php?fuse=login_bd

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 – Hedge funds feasting on Apple again, Top U.S. hedge funds up Walgreen shares; lose some taste for Apple, A look at how some of the top investors, hedge funds spent the second quarter, Blockbuster movies fuel big wins for hedge fund investors, Top hedge funds flock into Allergan amid bid backed by Ackman, Soros Fund Management exits stake in some tech companies, Jana buys FMC stake, adds to AIG, exits Sirius in quarter[more]

    Hedge funds feasting on Apple again From Forbes.com: Robert Citrone and Phillippe Laffont are two of the most prominent Tiger Cubs, hedge fund managers who once worked for legendary money man Julian Robertson’s Tiger Management. Both of them had a rough start to 2014 and sold the bulk of

  2. Legal – Pershing Square sues U.S. over Fannie Mae and Freddie Mac, Elan investors sue SAC over insider-trading losses, Lawsuit loss by hedge fund is just a cost of doing business[more]

    Pershing Square sues U.S. over Fannie Mae and Freddie Mac From WSJ.com: William Ackman's Pershing Square Capital Management LP, which has taken sizable stakes in the common shares of Fannie Mae and Freddie Mac, filed a lawsuit Thursday against the U.S. government challenging its bailout

  3. Private equity follows hedge funds into reinsurance for long-term capital[more]

    From Artemis.bm: It’s not just hedge funds that are entering the insurance and reinsurance market in search of so-called long-term capital to put to work in their strategies, private equity firms targeting the space are also seeking opportunities to add assets under management. The entry of large pr

  4. North America – New York City’s next hot neighborhoods targeted with property funds[more]

    From Bloomberg.com: New York’s real estate world is filled with tales of ordinary people who bought property decades ago and saw values skyrocket to the millions. Seth Weissman is seeking investors to get in early on the next hot neighborhoods. The veteran of Goldman Sachs Group Inc. and hedge

  5. Investing – George Soros bets $2bn on stock market collapse, Warren Buffett's Berkshire reveals Charter stake, cuts DirecTV, Hedge funds lusting to cash out of MGM, Top hedge fund managers are buying Ally Financial, Hedge funds dumped 5m Herbalife shares in Q2, Paulson & Co hedge fund ups Puerto Rico real estate bet, Netflix Inc., Citigroup Inc, Google Inc are top new picks in Tiger Management’s 13F[more]

    George Soros bets $2bn on stock market collapse From Newsmax.com: Billionaire investor George Soros has increased his financial bet that U.S. stocks will collapse to more than $2 billion. The legendary hedge fund manager has been raising his negative bet on the Standard & Poor's 500 Inde