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Alternative Market Briefing

Hedge Funds are still in timid recovery mode, but up 1% since mid-October

Tuesday, November 18, 2014

Komfie Manalo, Opalesque Asia:

Hedge funds are still in a timid recovery mode as the Lyxor Hedge Fund Index registered a modest 0.1% gains last week, according to the latest Lyxor Asset Management’s Weekly Brief.

The market recovery gathered momentum last week with the S&P 500 hitting new high, the briefing said. It added that equities were up, high yield spreads were down and the VIX is back to the 12-14 range. Market sentiment was boosted by positive data on U.S. jobs and better than expected releases in some European countries. Trends in FX and commodity markets continued, with the U.S. dollar edging up against major currencies while energy and precious metals slide. This framework was supportive to CTAs.

Philippe Ferreira, Lyxor AM’s head of research, managed account platform, commented, "This is now the fourth consecutive week of positive performance, up 1% since mid-October. However, dispersion among strategies remains high, with CTAs leading the pack. In terms of positioning, momentum players recently turned short European equities. This is in stark contrast with discretionary managers, which remain long European equities. But the underperformance of Global Macro managers versus CTAs this year does not bode well for European equities."

According to Lyxor, event driven strategies were also in recovery mode on the back of special situations managers (+0.8% last week, +2.3% over the past four weeks). Merger ar......................

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