Tue, Jan 17, 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)

Thursday, September 19, 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. Southpoint Capital gains 3.8% in Q3, bringing year-to-date returns to 5.2%[more]

    From Valuewalk.com: Southpoint Capital Advisors, the $3 billion New York hedge fund founded by former employees of David Einhorn’s Greenlight Capital, added 3.8% net during the third quarter of 2016, bringing year-to-date returns to 5.2% and cumulative returns since inception (July 2004) of 237.4% a

  2. The Big Picture: The case for emerging market debt in 2017[more]

    Benedicte Gravrand, Opalesque Geneva: Emerging market (EM) assets outperformed in 2016 mainly because of stronger fundamentals and an improving international environment, with GDP picking up speed, leading to positive earnings revisions for the first time in five years,

  3. Opalesque Exclusive: $1.2bn Sagewood spins out of Stifel[more]

    Bailey McCann, Opalesque New York: Sagewood Asset Management, which has been operating within Stifel Financial Corp. since 2015, is officially launching as an independent $1.2 billion asset manager focused on volatility strategies. The New York firm's spin-out was announced in an investor let

  4. Short Selling - Long-short hedge funds are ditching the shorts to focus on longs[more]

    From Bloomberg.com: What happens when you take the "short" out of a long-short trading strategy? Some hedge funds are about to find out. Equity long-short fund managers, the biggest category in hedge funds, hold the fewest bearish stock bets on record, data compiled by Credit Suisse Group AG s

  5. SWFs - China sovereign wealth fund CIC plans more U.S. investments[more]

    From Reuters.com: China Investment Corporation (CIC), the country's sovereign wealth fund, is looking to raise alternative investments in the United States due to low returns in public markets, its chairman said on Monday. CIC will boost its investments in private equity and hedge funds as wel