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Alternative Market Briefing

Hedge funds outpaces S&P as rally fizzles

Tuesday, March 17, 2015

Komfie Manalo, Opalesque Asia:

The hedge funds space outpaced the S&P 500 last week as the Lyxor Hedge Fund Index was slightly negative, down 0.3% while the S&P was down 3%. In its Weekly Briefing, Lyxor Asset Management said that hedge funds were resilient last week despite choppy market conditions.

Market headlines were focused on the greenback last week, and how its current strength could impact the Fed’s future path of monetary policy, Lyxor said in the briefing. It added that the dollar has been on a surge for some time now, underpinned by robust U.S. economic data, but this was particularly prevalent following strong non-farm payroll numbers.

"The Dollar Index hitting a 12-year high versus the Euro is a real concern for major exporters, triggering a downside move in U.S. equity markets. In this context, hedge funds as a whole suffered on their long equity exposure: this was in spite of some managers having turned more cautious since the start of the year, decreasing their beta exposure and limiting their losses," said Philippe Ferreira, Lyxor AM’s head of research, managed account platform.

Stronger dollar means global liquidity is drying up

However, Lyxor noted some gains on other asset classes. A stronger dollar means that global liquidity is drying up, bringing further pressure to commodity and emerging markets. CTA funds generally benefited from the decrease in oil prices over t......................

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