Thu, Aug 25, 2016
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 +0.96% in September (4.29% YTD)

Thursday, October 03, 2013
Opalesque Industry Update - Hedge funds posted gains for the month with the HFRX Global Hedge Fund Index gaining +0.96% while the HFRX Market Directional Index rose +2.23%.

HFRX Event Driven Index posted a gain of +2.10% for September 2013, led by gains in Special Situations and Activist exposures; the Index leads all strategy indices with a YTD gain of 10.87%. The HFRX Special Situations Index gained +2.96% for the month, the strongest gain since January and leading all sub-strategy indices with a YTD gain of +14.2%. The Index had specific contributions from core positioning in Ferro, Chemtura, Dish Network ,Tribune Co., American Airlines, Elan, Dell, Apple, Verizon and Kabel. HFRX Distressed Index gained +0.52% for the period with contributions from various restructurings across Communications, Consumer Cyclical and Non-Cyclical exposures. HFRX Merger Arbitrage Index posted a gain of +0.41%, with contributions from transactions in American Safety/Fairfax, FNB/BCSB Bancorp, Verizon/Vodafone, Koch/Molex, Akorn/Hi-Tech Pharmacal and Thermo Fisher/Life Technologies.

HFRX Equity Hedge Index posted a gain of +1.36% for September, the 14th monthly gain in the last 16 months, with gains distributed across Growth and Value exposures. HFRX Fundamental Growth Index & HFRX Fundamental Value Index gained +2.11% and +1.10%, respectively, with broad based contributions from exposure to large and small cap US, Global Healthcare, European and Emerging Asian equities. HFRX Fundamental Value Index leads all EH sub-strategy indices through September with a YTD gain of +10.7%.

HFRX Relative Value Arbitrage Index posted a gain of +0.42% for September, as the US Fed continued monthly bond purchases and US corporate issuance reached record levels, as issuers positioned for higher future borrowing costs. HFRX Fixed Income Credit Index gained +0.53% with contributions from falling yields, tightening credit and new corporate issuance, such as the Verizon bond offering. HFRX Convertible Arbitrage Index gained +0.46% on credit tightening, falling yields and strong issuance trends; the Index leads RV sub-strategy indices with YTD gain of +9.6%. HFRX MLP Index gained +0.89% for the month of strong demand for yield & energy infrastructure partnerships, leading all indices through September with a YTD of +18.0%.

HFRX Macro Index posted a decline of -0.26% for September, with positive contributions of Currency and Emerging Markets managers offset by mixed performance of quantitative Systematic CTA strategies. The HFRX Emerging Markets Index posted a gain of +0.28% with positive contributions from Emerging Asian and Currency strategies. The HFRX Macro: Systematic Diversified Index declined -0.59 % with mixed contributions from long equities, while short fixed income and long commodity positions detracted from performance.

Financial markets gained in September as the US Federal Reserve elected not to taper its bond purchases, while into month end, investors prepared for US government shutdown over the budget bill impasse. Global equity markets posted broad-based gains for September, recovering August losses despite declining into month end, with gains across US, European, Asian & Emerging Markets regions. Sector gains were led by Technology, Cyclicals, Energy & Financials, with leadership also from small cap & growth equities. German election results contributed favorably to investor risk tolerance, with European equities led by gains in Germany, Spain, France, Russia & Italy. Asian and Emerging Markets also gained for the month, with leadership from Japan, China, Brazil, Hong Kong, Korea & Thailand. US yields fell as the yield curve steepened on continuation of Fed bond purchases, yields also declined across France, Germany, Spain & the Netherlands. US corporate issuance reached record level in September, highlighted by Verizon, as issuers positioned for higher future borrowing costs. The US dollar posted sharp declines against most currencies including the British Pound and the Euro; the Dollar also declined again the Brazilian Real, Australian Dollar and Korean Won. Commodities posted declines for the month as global tensions over supply concerns related to Syria & Iran eased, with declines led by Oil, Gold, Platinum & Silver. Agricultural commodities were mixed for the month, with sharp declines in Corn & Soybeans offset by gains in Sugar & Wheat.

Comments reference performance figures as posted for September 30, 2013

Press release

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. LatAm hedge funds surge in 1H to +24.4%, emerging markets assets rise[more]

    Komfie Manalo, Opalesque Asia: Hedge funds investing in Latin America posted strong gains through mid-2016, reversing declines in four of the past five years, including the last three years, to lead all areas of hedge fund performance through the first half of 2016, according to the latest HFR Em

  2. Asia - LGT Capital Partners: Alternatives set for continued rise in Asia[more]

    From Asianinvestor.net: More flows are likely into insurance-linked strategies, private equity and trend-following strategies/CTAs, given the benefits of such investments, argues LGT Capital Partners. Despite the numerous quantitative easing programs and bailouts of recent years, the quest for

  3. Investors yank money from hedge funds after poor performance[more]

    From Marketwatch.com: A growing exodus from hedge funds extended to two of the biggest names in the industry Tuesday, Tudor Investment Corp. and Brevan Howard, as disenchanted investors increasingly shun what was once the hottest place to put money. The funds’ problem is clear: They just aren’t perf

  4. Banks look at hedge funds differently - and it should matter to allocators[more]

    From Valuewalk.com: Looking at two bank reports on the same topic can often yield interesting results. There are times when bank research is best viewed from the standpoint of how their analysis does or does not correlate with one another. Regarding hedge fund allocation decisions, one bank appears

  5. Legal - Hedge fund’s fixer kept deals flowing with bribes, U.S. says, Big four banks sued by U.S. hedge funds over BBSW, Lessons for hedge fund managers from the government's failed prosecution of alleged insider trading[more]

    Hedge fund’s fixer kept deals flowing with bribes, U.S. says From Bloomberg.com: With the Miami villa, stopovers at New York’s Plaza Hotel and millions channeled in bribes to win mining deals, Samuel Mebiame was the relationships guy in a corruption scheme that spanned continents, accord