Mon, Jul 6, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

GAM reports that March was an 'encouraging month for hedge funds'

Wednesday, April 03, 2013
Opalesque Industry Update - GAM's Hedge Fund Performance Update finds that several trends in risk markets continued in March with positive performance in equities, notably in the US and Japan, continued strength in the US dollar and another month of weakening in the Japanese yen.

Hedge funds enjoyed the third consecutive month of positive performance for the year, with the HFRX Global Hedge Fund index up 0.7% for March and up 3.1% for the quarter. Gains were led by equity-centric strategies, with the HFRX strategy indices for event-driven managers and equity hedge managers up 5.3% and 5.1%, respectively for the quarter. Global macro and CTA strategies continued to deliver mixed results with some negative global macro results offsetting some strongly performing CTA managers to deliver a flat net result for the quarter for the HFRX Macro/CTA index. Relative value managers started the quarter strongly, but were subsequently only marginally positive in February and March, with the HFRX Relative Value index ending the quarter up 1.7%.

Anthony Lawler, Portfolio Manager at GAM, said: “March was another encouraging month for hedge funds with broad-based positive attribution. Many trend following CTA managers had a positive month with performance coming from long positions in the US dollar, Australian dollar, US and Japanese equities, and short positions in the Japanese yen. Equity hedge and event driven managers continued to benefit from exposure to developed market equities and to certain corporate activities and balance sheet restructurings. Within relative value and credit strategies, after a strong January, we saw continued consolidation in credit with generally small but positive contribution from managers in this space.”

“The Cyprus crisis did not cause material broad-based pain for hedge funds in March. However there is concern that this crisis is yet another symptom of the unresolved issues in the European Union, and as a result managers remain generally under-exposed to Europe. More globally, hedge fund managers are aware of the seasonal weakness in equities that we often see in a second quarter, especially after a strong start to the year. That said, equity hedge managers are generally positioned for a continuation of the strength in equities in the US and Japan, while remaining underexposed to European-centric names. In other strategies, managers continue to be positive on the opportunities in currencies and credit from both the long and the short side. Overall many managers enter the second quarter with gross exposure towards the upper end of their respective typical ranges.”

Press release

bc

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. Opalesque Exclusive: New systematic strategy managed alongside research firm outperforms S&P500[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: An emerging CTA manager explains how he runs his strategy, which is based on an index produced by a research firm. Peter Turk is head of

  2. Opalesque Exclusive: New systematic strategy embraces machine learning[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: The founder of a New York-based systematic trading firm, which offers a hybrid between alpha strategies and alternative feta at lower fees, describes his approa

  3. Larry Robbins' hedge fund Glenview buys 1m Tenet Healthcare shares[more]

    Komfie Manalo, Opalesque Asia: Glenview Capital Management said it bought an additional 979,482 shares at Tenet Healthcare Corp valued at $53.80 million, raising its stakes in the healthcare services company to 15.16%, reported

  4. Legal - Grayson’s hedge funds under scrutiny for possible ethics violations, Court rejects hedge fund’s motion to block merger of Samsung affiliates[more]

    Grayson’s hedge funds under scrutiny for possible ethics violations From Freebeacon.com: Rep. Alan Grayson is finding himself in hot water over managing hedge funds that bear his name, actions that are in possible violation of House ethics rules. Sitting members of Congress are prohibite

  5. Hedge funds decline in June as stocks tumble on Greek woes[more]

    From Bloomberg.com: Hedge funds posted losses across strategies last month as uncertainty over whether Greece will remain in the euro sent global stock markets tumbling. Winton Capital Management declined about 3.1 percent in June in its $12.1 billion Winton Futures Fund, leaving it down 1.9 percent

 

banner