Tue, Mar 31, 2015
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. Other Voices: Does the hedge fund industry benefit society?[more]

    This article was authored by Don Steinbrugge, Chairman of Agecroft Partners, a US-based global consulting and third party marketing firm for hedge funds. It is no secret that the hedge fund industry is viewed negatively by a la

  2. Private credit comes into focus for investors[more]

    Bailey McCann, Opalesque New York: As investors look for a way out of the low yield/no yield environment, private credit is becoming an increasingly attractive asset class, according to a white paper from Bayshore Capital Advisors. Private credit has grown steadily since the financial crisis as

  3. M&A - Hedge funds no longer attractive targets for banks, reinsurers, Blackstone buys stake in Christopher Pucillo’s Solus event-driven hedge fund[more]

    Hedge funds no longer attractive targets for banks, reinsurers From Institutionalinvestor.com: Swiss RE, the world’s second-largest reinsurer, is looking to sell its 15 percent stake in Jersey, Channel Islands–based hedge fund firm Brevan Howard Asset Management. Morgan Stanley reported

  4. Opalesque Radio: Threadneedle expects continuing equity volatility this year[more]

    Benedicte Gravrand, Opalesque Geneva: Investors should expect more volatility, which is signaling a "slow moving" top to the market, KKM Financial’s founder and CEO Jeff Kilburg told CNBC on Monday. And this volatility is going

  5. Hedge funds show strong performance of 2.52% so far in 2015[more]

    Komfie Manalo, Opalesque Asia: The hedge fund industry got off to a strong start in 2015 "completely unmindful" of the poor performance last year, according to data provider Preqin. According to Preqin, following a year which saw the average he

 

banner