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Komfie Manalo, Opalesque Asia: Hedge fund closed the last two weeks of December on a strong performance and entered 2015 with high hopes that the industry could continue the rally. In its Weekly Brief, Lyxor Asset Management said CTAs were again the best performers, in a remake of the patterns observed throughout the year (+4.7% from 16 December to 30 December).
Philippe Ferreira, Lyxor AM’s head of research, managed account platform, said that the good news came from Event Driven managers who were up +3.1% during the same period. Yet, December was overall a mixed month, the Lyxor Hedge Fund Index being down 0.2% on the back of the underperformance of Fixed Income strategies (-3.1%). Their poor showing was related to the sharp high yield spread widening recorded earlier in the month, when liquidity issues emerged on some names.
Ferreira added, "Taking a wider perspective, we will remind 2014 as a good year for non-consensual players. Sovereign bonds and high grade credit continued to rally against expectations as global inflation expectations have been revised down. U.S. equities outperformed European equities despite the monetary policy divergence which translated into a depreciation of the EUR/USD and the fact that U.S. equities trade at a premium. Still in the US, defensive stocks outperformed cyclicals’ despite the strong momentum of the US economy."
According to Lyxor, similar non-consensual patterns were at ...................... To view our full article Click here
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