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Alternative Market Briefing

Hedge funds remain resilient amid trend reversals

Tuesday, April 28, 2015

Komfie Manalo, Opalesque Asia:

Recent market conditions were less supportive for hedge funds, with a reversal of market moves witnessed so far this year, reported Lyxor Asset Management in its latest Weekly Briefing. Last week, European equities were down and the EUR/ USD went up, while U.S. rates ended the week marginally higher.

The Lyxor hedge fund index was however resilient, down only 39bps. Gains were posted by Asian managers, both on the long/short equity and even-driven strategies.

Hedge funds ended the week slightly down at -0.4% (0.8% MTD, 4.1% YTD) amid tough market conditions. Long/short equity delivered mixed performance, down 0.1%, with an emerging manager leading the pack. Meanwhile, all multi-strategy managers ended the week in the black. Macro managers were down 0.4%. Their long exposures on commodities managed to offset the losses on the FX and equity buckets.

According to Philippe Ferreira, Lyxor AM’s head of research, managed account platform, said, CTA was the worst performing strategy (-1.4%) and all buckets were detrimental to performance, in particular commodities as managers suffered from their short position on energy.

Macro managers turn bearish on bunds

According to Lyxor AM, with uncertainty still surrounding the Fed stance and ahead of the next FOMC (Feder......................

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