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From Matthias Knab, Opalesque Europe: Man Investment's Research and Analysis Group has published its Q2 Quarterly Review, which can be downloaded at the Source link below. We highlight some of relevant findings from report:
- Hedge funds had their best quarter in nine years as risk appetite came
back strongly. All styles except for managed futures made profits. Last
year's laggards such as convertible bond arbitrage have been this year's
biggest gainers and vice versa.
- Overall, hedge funds are back on track. The liquidity situation has improved
considerably and many gated or suspended funds could liquidate their
holdings in an orderly fashion and, in some cases, lift redemption
restrictions earlier than expected.
- For a variety of reasons, many hedge funds are now less constrained by the de-leveraging process and
are able to redeploy risk. When gating was in full swing the consensus was that gated money would
melt away quickly when the gates were removed. In fact, this seems not to have
happened.
Hedge funds are back on track. Broad hedge fund indices enjoyed its best quarterly
returns since Q1 2000 in the wake of much improved liquidity, higher risk appetite and tailwinds from credit, equity and commodity markets.
In Q2, the HFRX Global Hedge Fund Index gained 4.85% (YTD 5.56%). Strong performance
was recorded across all styles and strategies except for managed futures. Convertible
bond arbitrage was the best performing strategy again, benefiting fr...................... To view our full article Click here
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