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Alternative Market Briefing

Long/short equity hedge funds outperform in April

Friday, May 08, 2015

Komfie Manalo, Opalesque Asia:

Long/short equity hedge funds were by far the outperformers in April with the Lyxor L/S Equity Long Bias Index up +4.5%, said Lyxor Asset Management’s AII Barometer. The Lyxor Hedge Fund Index was up +0.1% in April. The report added that three out of 12 Lyxor Indices ended the month in positive territory, the Lyxor L/S Equity Market Neutral Index gained 2.4%, and the Lyxor Merger Arbitrage Index was up 0.7%.

"Within the space, Asian managers stood out, boosted by rocketing Chinese markets," Lyxor AM said and added, "The rally surprised by its amplitude and unfolded amid a structural Chinese deleveraging with multiple signs of a gradual economic slowdown. It was driven by monetary easing."

According to Lyxor, the market liberalization was also a powerful driver to the rally. The authorization to open multiple accounts at different broking firms, an easier access to foreign investors through the Hong Kong-Shanghai Stock Connect, and an easier access for mainland investors into the Hong Kong exchange all contributed to unleash massive buying flows.

Credit hedge funds flat last month

The Lyxor L/S Credit Arbitrage index was flat over the month but the funds’ return dispersion was elevated, the report said. Developments in Eurozone and Asia were the main movers. The Greek saga had been largely shrugged off so far by global markets.

"In April, a risk premium started to be ......................

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