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Alternative Market Briefing

CTAs lead hedge fund recovery as commodities slump

Tuesday, July 28, 2015

Komfie Manalo, Opalesque Asia:

Hedge funds are on track to deliver solid returns in July, up 1.4% month to date (0.4% of as end July 21). CTAs and global macro managers outperformed other hedge fund strategies, said Lyxor Asset Management.

In its Weekly Briefing, Lyxor said that CTAs bounced back last week, recouping part of the losses generated earlier this year. They benefited from their sizeable short positions in precious metals and energy as gold and energy prices dropped. Fixed income and equity buckets added to the gains, albeit to a lesser extent as CTA managers recently cut the risk on both asset classes.

Philippe Ferreira, senior cross asset strategist at Lyxor AM, said, "Global macro performed well, up 0.9%. Their long positioning on the U.S. dollar against major currencies was rewarding. The equity complex added to the gains as the European equity markets continued to recover last week. L/S equity managers proved resilient, driven by long biased and variable biased funds. The recovery in Asian equity markets was supportive."

Event-driven managers outperform

Meanwhile, event-driven managers underperformed both last week and on a month-to-date basis, in line with Lyxor’s downgrade of the strategy from overweight to neutral early June. The event-driven strategy was negatively impacte......................

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