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Komfie Manalo, Opalesque Asia: Event driven managers underperformed, both in the past two weeks (-0.9%
as of end July 21) and (-0.6% as of end July 28), partly as a result of
exposures to commodity-related sectorss, said Lyxor Asset Management.
However, positive developments in healthcare, a sector in which the
strategy retains sizeable exposures, are supportive. Overall, the Lyxor
Hedge Fund Index was down last week (-0.8%) but remains in positive
territory in July (0.7%).
Philippe Ferreira, senior cross asset strategist at Lyxor AM, said that
heading into the summer break, companies have continued to report
earnings above expectations, especially in Europe. In the U.S,
healthcare and consumer goods & services companies posted solid
earnings, beating expectations as well.
"Yet, risk assets were under pressure leading to negative returns for
hedge funds last week. Such headwinds are likely to be short term and
need to be replaced in the context of thinly traded markets amid
somewhat disappointing earnings releases in the U.S.," Ferreira said.
Event driven, global macro and long/short equity strategies
underperformed. They lost approximately 1% on the back of the negative
returns of equity markets (S&P 500 -1.2%, Eurostoxx 50 -2.6% during the
period under review).
CTAs outperformed, although they were also in negative territory last
week (-0.2%). On a month-to-date basis they achieved super...................... To view our full article Click here
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