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Komfie Manalo, Opalesque Asia: FX hedge funds declined in April as the U.S. dollar fell on weaker data,
with nonfarm payroll data coming in significantly below expectations and
the Q1 2015 GDP data below consensus. The Parker FX Index dropped
-0.80% last month (+3.11% YTD).
Thirty-one of the 33 programs in the index reported April results, of
which 13 reported positive results and 18 incurred losses. On a
risk-adjusted basis, the index was down -0.36% in April. The median
return for the month was -0.50%, while the performance for April ranged
from a high of +3.92% to a low of -8.85%.
"Managers now believe the Federal Reserve will not hike rates until at
least September. Looking ahead, managers believe that the USD remains
favored in the long term despite recent short term weakness, while
commodity prices and central bank actions are expected to continue to
drive emerging market performance," Parker FX said.
In addition to the broad Parker FX Index, there are two style driven
sub-indices: the Parker Systematic Index, which tracks those
managers whose decision process is rule based, and the Parker
Discretionary Index, which tracks managers whose decision process is
judgmental. During April, the Systematic Index was up -1.22% and the
Discretionary Index was down -0.37%. On a risk-adjusted basis, the
Parker Systematic Index was down -0.46% and the Parker Discretionary
Index was down...................... To view our full article Click here
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