Fri, Feb 24, 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 posts gain of +1.04% through mid-September (4.38% YTD)

Wednesday, September 18, 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.

www.hedgefundresearch.com

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. People - Kuwait wealth fund head Al Saad said to step down after 14 years[more]

    From Bloomberg.com: Kuwait Investment Authority is set to name Farouk Bastaki as managing director, replacing Bader Al Saad who ran the world's fifth-largest sovereign wealth fund for 14 years, a person familiar with the matter said. The KIA, as the fund is known, is finalizing the appointment, said

  2. Investing - Hedge funds loading up on this dividend stock, The biggest hedge funds have been piling into bank stocks[more]

    Hedge funds loading up on this dividend stock From Incomeinvestors.com: Hedge funds are backing up the truck on Cameco Corp stock. Billionaire Jim Simons owns 389,000 shares. Other Wall Street titans - including Ray Dalio, Ken Griffin, and Chuck Royce - have been quietly building positio

  3. Legal - Fannie, Freddie shares dive after U.S. appeals court ruling[more]

    From Reuters.com: Shares of Fannie Mae and Freddie Mac tumbled more than 30 percent on Tuesday after a U.S. appeals court shut down efforts by hedge funds and other investors to pursue numerous legal claims accusing the U.S. government of seizing their profits following taxpayer bailouts. By a

  4. Institutional investors plan to raise allocations to alternative assets in 2017[more]

    Komfie Manalo, Opalesque Asia: A survey by Context Summits Miami showed that nearly 72% of institutional investors and family offices plan to raise their allocations to alternative asset managers this year, suggesting continued strong demand for the industry. "As many large, brand name f

  5. Comment - Mortgages, mergers and hedge fund fees, Fairholme's Berkowitz responds to court ruling against hedge fund suits of Fannie Mae[more]

    Mortgages, mergers and hedge fund fees From Bloomberg.com: Yesterday the U.S. Court of Appeals for the D.C. Circuit handed down an odd decision in a lawsuit over the government's nationalization of Fannie Mae and Freddie Mac. The key issue is what's called the "Third Amendment," the 2012