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Alternative Market Briefing

CTAs and global macro hedge funds post strong starts this month

Tuesday, August 11, 2015

Komfie Manalo, Opalesque Asia:

A fairly heavy load of economic data was released last week, said Lyxor Asset Management. On balance they were positive in developing but remained on the soft side in emerging market. The divergence between developing market vs. emerging market continued to widen. This kept a strong downward pressure on global trade related assets, starting with commodities.

All hedge fund strategies ended the week (as of end Aug. 4) in positive territory with the Lyxor Hedge Fund Index up 0.7% (+3.3% YTD). CTAs stood out (+1.6%), making the most of some trends in the markets. All buckets were rewarding, in particular the commodity complex thanks to its short exposure to energy. Long positions on European equities also added to gains on the back of good corporate earnings in Europe, Lyxor said in its Weekly Briefing.

It was a similar story for global macro managers as Lyxor said that long positions on fixed income and equities benefited from decreasing rates and bullish equity markets across the board. Long/short equity and event driven funds were in line, fuelled by strong earnings in Europe and positive equity markets.

"The energy space continued to bleed with concerns rapidly building up in U.S. credit markets and broad weakness in breakevens," said Philippe Ferreira, senior cross asset......................

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