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From Komfie Manalo, Opalesque Asia:
Geneva-based 3A Alternative Investments, the FoHFs branch of Banque Syz, last week released its latest Alternative Outlook’ which starts by stating the firm does not believe that the financial downturn has bottomed out and that a sharp recovery is underway.
Instead, 3A feels more positive on emerging markets, especially with China and India, and added that strong domestic demand, supported by government stimulus programs, would lead to a regional recovery.
According to the report, May had been a good month, with all strategies contributed positively to 3A’s portfolios: “Macro/Commodity managers were the best performers as they shifted from a Relative Value positioning during the first quarter of the year into a more directional stance. Convertible Bond Arbitrage and Credit Long/Short managers continued their recovery.”
Outlook by strategy
Long/short equity
May was another positive month for equity markets, 3A said. The combination of better than expected economic data and the relatively encouraging stress tests conducted on U.S. banks supported the extension of the strong rally we experienced. The S&P 500, FTSE 100 and DJ EURO Stoxx 500 were respectively up by+5.31%, +4.11% and +3.27%. The Topix marked an impressive gain of +7.18%. The most significant winners were the emerging markets with a gain of +17.09% as indicated by the MSCI World Emerging Ma...................... To view our full article Click here
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