Thu, Apr 17, 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 gains 1.45% through mid-January

Wednesday, January 23, 2013
Opalesque Industry Update - Global equity markets posted gains to begin 2013 as investors responded to near term settlement of many of the issues surrounding the US fiscal cliff on the final trading day of 2012. Equity gains were broad based across regions, with leadership from the US, UK, Italy, Spain, Switzerland and Argentina, while Energy & Oil Service, Technology & Biotechnology led gains across sectors. US treasury yields rose across all maturities as the 30 year yield rose above 3 percent; Germany, France & UK also saw rising yields, although yields declined across Spain, Japan & Italy. The US dollar gained against the Japanese Yen, Euro & Swiss Franc, while falling against the Euro. Energy & Metals commodities rose led by Oil & Platinum, while gains in Agricultural commodities were led by Coffee, Corn & Cocoa.

The HFRX Global Hedge Fund Index gained +1.45% through mid-January 2013, with positive contributions across all main strategies led by Event Driven. The HFRX Market Directional Index gained +2.20% through the same period.

Continuing its gains from the prior months, the HFRX Event Driven Index posted a gain of +2.20% through mid-Jan. The HFRX ED: Special Situations Index gained +2.64% with robust activity across the Media, Technology and Technology sectors; Special Situations strategies were active in a dynamic situation surrounding Herbalife. The HFRX Merger Arbitrage Index gained +0.39%, as M&A deals continued with announcements of the Dish Network/Clearwire, Avis/Zipcar deals, while European regulators blocked the UPS acquisition of TNT Express. Continued tightening in high yield credit also contributed to gains with the HFRX ED: Distressed Index gaining +0.65%, while Activist strategies also contributed to gains.

The HFRX Equity Hedge Index gained +1.82% through mid-Jan as equity markets gained across most geographies and sectors upon the agreements around the US fiscal cliff. The HFRX Fundamental Value Index and the HFRX Fundamental Growth Index posted a gains of +2.21% and +1.59%, respectively. Factor-based market neutral models declined while fundamental-based managers posted mixed performance, with the HFR Market Neutral Index returning -0.27% for the period.

Also continuing its gains from the past months, the HFRX Relative Value Index gained +1.55% through mid-Jan, with gains across Convertible, Corporate credit and Multi-Strategy FI Arbitrage. The HFRX RV: Multi-Strategy Index gained +1.51%, with positive contributions from US Multi-strategy and Asian credit exposures, partially offset by Commodity spread trading strategies. The HFRX RV: Convertible Arbitrage Index gained +0.82 % with strong contribution from Emerging Markets and US FI exposure, while the HFRX Fixed Income - Credit Index gained +1.16%. Yield alternative strategies posted strong performance with the HFRX MLP Index gaining +4.57% for the period.

The HFRX Macro Index posted a modest gain of +0.03% through mid-Jan, with positive contributions from Currency and Fixed Income Discretionary managers, offset by declines in Systematic CTA strategies, with the HFRX Macro: Systematic Diversified Index declining -0.33% for the period. The HFRX Emerging Markets Index posted a gain of +0.38% from contributions from Asia and Emerging Europe.

Press release

www.hedgefundresearch.com

Bg

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Banner
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. Opalesque Exclusive: European stock-picking fund up 19% YTD, bets on small caps’ high cash level[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: Here is a European long/short equity fund that has been beating the odds since its 2008 inception by employing its own investment model, frequent company visits

  2. CTAs could face new challenges in a rising rates environment[more]

    Bailey McCann, Opalesque New York: CTAs have taken a beating performance wise lately, and asset flows reports show that investors aren't sticking around to see how the movie ends. Now, a new white paper from Roy Niederhoffer and Coen Weddepohl notes that as interest rates start to tick back u

  3. Investing – Big hedge funds bought Puerto Rico's junk bonds, Fidelity explores new trading venue amid flash trade concerns, Crisis-era Greek bonds reward early buyers with big effective returns, Cargill unit discloses stake in Freddie preferred[more]

    Big hedge funds bought Puerto Rico's junk bonds From Reuters.com: Several large hedge funds doubled down on Puerto Rico in last month's giant bond sale despite the U.S. territory's financial struggles, the Wall Street Journal reported, citing confidential documents reviewed by the newspa

  4. Opalesque TV: First Trust Advisors launches liquid alternatives platform[more]

    Bailey McCann, Opalesque New York: First Trust Advisors is launching a new liquid alternatives platform aimed at building on the companies existing alternative ETFs offering by adding hedged mutual funds. Senior Portfolio Managers Rob Guttschow and John Gambla recently sat down in an

  5. Commodities – Popular value fund manager David Iben bets on Russia, gold,[more]

    From Reuters.com: With large bets on Russia and North American gold miners, one of the best performing stock pickers in the wake of the 2008 financial crisis is back with a new fund that reflects his deep aversion to following the crowd. In the Kopernik Global All-Cap Fund, David Iben is follo