Fri, Dec 2, 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 down -0.23% in March (+1.11% YTD)

Thursday, April 03, 2014
Opalesque Industry Update - Global financial markets posted mixed performance for the month of March, as investors discounted the impact of rising geopolitical tension and economic sanctions surrounding the annexation of Crimea by Russia. Global equity markets also posted mixed performance as US equities pulled back from record valuation levels on continued tapering of stimulus measures by US Federal Reserve and mixed forward guidance by corporations.

US sector gains were led by Energy, Financials and Semiconductors, which offset declines in small cap, Biotechnology, Healthcare and Cyclical exposures. European equities were also mixed, with gains in Italy, Spain and the Netherlands offset by declines in the UK, Germany and Russia, while Asian equities were narrowly changed for the months, with declines in China and Hong Kong offset by gains in India and Singapore. US yields rose slightly as high yield credit tightened and the yield curve flattened, with shorter dated yields rising relative to longer dated; yields declined in Italy and Spain, though European yields were only modestly changed elsewhere.

Energy and Metals commodities posted broad based declines led by Copper, Silver and Natural Gas, while Agricultural commodities gained, led by Corn, Hogs, Sugar and Wheat. The US dollar gained against the Euro, British Pound Sterling and Japanese Yen, though declined against the Australian Dollar, New Zealand dollar and Brazilian Real. Hedge funds posted mixed performance with the HFRX Market Directional Index posting a gain of +0.19% and the HFRX Equal Weighted Strategies posting a gain of +0.03%,while the HFRX Global Hedge Fund Index posted a decline of -0.23%.

HFRX Event Driven Index posted a decline of -0.13% in March, with positive contributions from Distressed/Restructuring and Merger Arbitrage strategies offset by Equity Special Situations managers. HFRX Distressed Index posted a gain of +0.64% with contributions from restructurings across Technology, Industrials and Consumer sectors in the US. HFRX Merger Arbitrage Index posted a gain of +0.29%, with contributions from transactions in Facebook/Oculus VR, Suntory/Beam, Actavis/Forest Labs, CapitalSource/PacWest Bancorp, Sterling Financial/Umpqua Corp, Avago Technologies/LSI and Tower Financial/Old National Bancorp. HFRX Special Situations Index declined -0.40%, with contributions from core positioning in American Realty, Hertz, Sensient Technologies, McKesson, Apple, Herbalife, eBay, Jos A. Bank, Ferro and American Airlines.

HFRX Relative Value Arbitrage Index posted a decline of -0.18% in March with mixed contributions from Convertible Arbitrage and Multi-Strategy managers. HFRX Fixed Income Credit Index posted a gain of +0.43% on gains in European credit and Distressed exposures, while the HFRX MLP Index gained +2.04% on continued demand for yield generating energy infrastructure partnerships. HFRX Convertible Arbitrage Index posted a modest decline of -0.02% as gains in volatility positions were offset by exposure to Asian and Japanese convertibles. HFRX Multi-Strategy Index declined -0.22%, as gains from Corporate Credit managers was offset by Global Fixed Income strategies.

HFRX Macro Index posted a decline of -0.22% in March with contributions from discretionary Currency, Fixed Income and Emerging Markets strategies offset by declines in systematic trend-following managers. HFRX Emerging Markets Index -0.32% with declines in Asian and select Emerging European equities; while discretionary fixed income exposure had a partially offsetting gain. HFRX Macro: Systematic Diversified Index declined -1.75% from exposure to Fixed Income, Commodity and Equity trend-following strategies.

HFRX Equity Hedge Index posted a decline of -0.37% in March with gains in market neutral strategies offset by mixed performance across directional strategies. HFRX Market Neutral Index gained +0.63%, with gains across both factor-based models and fundamental, trading oriented strategies. HFRX Fundamental Value Index declined -0.25% with positive contributions from exposures to large cap Financials and Consumer sectors offset by declines in European equities. HFRX Fundamental Growth Index posted a decline of -0.88% with positive contributions from Global Healthcare and Consumer sectors offset by declines in Japanese and Emerging Asian exposure.

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. Europe - UK investors to pay more tax on money in offshore funds, Do you want to hand your money to super-algo or a Swiss banker?[more]

    UK investors to pay more tax on money in offshore funds From FT.com: Hedge funds in Dublin and Luxembourg are set to be hit by new rules that will force UK investors to pay more tax on the money they hold in offshore funds. As part of the government’s Autumn Statement on the country’s fi

  2. Hunt for yield pushes more investors into riskier assets[more]

    From FT.com: Pension funds and insurance companies have increasingly embraced riskier assets in their hunt for higher returns over the past five years. Alternative assets such as property, infrastructure, private equity and hedge funds have been bought up by institutional investors in a world where

  3. People - Nectar Financial hires senior investment team, Texas A&M replaces retiring foundation investment chief, Ex-Cadwalader partner Woolery makes another sudden exit, How to become a Python coder at a top hedge fund, by the co-CTO of Man AHL[more]

    Nectar Financial hires senior investment team Nectar Financial AG, a Swiss financial technology company for wealth and asset management, has announced that it has hired two key senior leaders to spearhead its digital asset management efforts. The company also announced that it has entere

  4. Activist News - Cognizant has introductory discussion with activist investor Elliott; to review letter, Starboard Value makes huge investment in Hewlett Packard, Hedge fund calls for removal of First NBC Bank CEO[more]

    Cognizant has introductory discussion with activist investor Elliott; to review letter From Indiatimes.com: Cognizant said it had an introductory discussion with Elliott Management after receiving the activist hedge fund's letter asking for a board shakeup, a buyback, a dividend and chan

  5. Opalesque Exclusive: Ireland relaxes treatment of direct lending funds[more]

    Bailey McCann, Opalesque New York: The Irish Central Bank has relaxed its treatment of direct lending funds, according to a recently released