|
|
Komfie Manalo, Opalesque Asia: Equity and bond markets experienced renewed tensions last week as the
European markets saw higher selling pressure than U.S. markets, which
was a negative for global macro managers as they have sizeable long
European equities positions in their portfolios, according to Lyxor
Asset Management’s Weekly Briefing.
Philippe Ferreira, head of research, managed account platform at Lyxor said that in the week
ending Jun 09, the Lyxor Hedge Fund Index was down 1.2% (+2.4% YTD),
with all strategies ending in the red. The Eurostoxx 50 and the S&P 500
were down 3% and 1.4% respectively. Hedge funds were hurt by the
sell-off in stock prices and the appreciation of the euro vs the dollar.
"Fixed Income was resilient in these difficult market conditions, as
both credit and convertible bonds were the best performers last week,"
he said and added, "Losses were offset by higher implied volatility and
some gains generated on specific U.S. energy related names.
Meanwhile, CTAs (-2.2%) and Global Macro (-1.4%) managers
underperformed, hurt by the surge in the euro vs the dollar."
However, Ferreira said that in the current risk-adverse environment,
hedge funds posted negative returns but outperformed traditional asset
classes. He added that the positive correlation between equiti...................... To view our full article Click here
|
|
RSS
