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Alternative Market Briefing

Hedge funds bounce back in July to weather the European storm

Tuesday, July 14, 2015

Komfie Manalo, Opalesque Asia:

Hedge funds bounced back in July and weathered the EU storm as the market is still hounded with an ever rising probability of Grexit, said Lyxor Asset Management. European assets experienced sizeable pressure during because of the Greek crisis, though there has been a respite towards the end of last week following the conciliatory tone of the Greek government.

"Emerging market equities were also deeply in the red on the back of the market rout in China," said Philippe Ferreira, senior cross asset strategist at Lyxor Asset. "Meanwhile, commodities corrected as a result of the poor global risk appetite, concerns about the implications of China’s financial instability on the real economy and the U.S. crude stock building. Finally, sovereign bonds in the U.S. and in core European countries (Germany, France and the UK) rallied, providing a breather in the midst of mounting uncertainties."

It was a positive week for hedge funds as the Lyxor Hedge Fund Index was up 0.3% as of 7th of July (+2.2% YTD). CTAs started the month on the right foot, up 1.7% (-1.9% YTD). Almost all buckets contributed to the strong returns, especially the short exposure to energy as the WTI plunged 12t%. FX, Fixed Income, and to a lesser extent European equities, also proved rewarding.

Global macro managers did well, up 1.1%. The currency bucket contributed the most as their long exposure to the USD against major c......................

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