Fri, Mar 29, 2024
A A A
Welcome Guest
Free Trial RSS pod
Get FREE trial access to our award winning publications
Alternative Market Briefing

Hedge funds relatively resilient in Q3

Wednesday, October 07, 2015

Komfie Manalo, Opalesque Asia:

Hedge funds fell in the third quarter as market conditions remain challenging, but still outperformed the S&P 500. The Lyxor Hedge Fund index was down 3.6% during Q3 while the S&P 500 fell 8.2%. According to Lyxor, "hedge funds were quite resilient in Q3. Falling energy prices and the bond rally continued to be supportive for CTAs, up 2.7% in Q3. Meanwhile, L/S Equity funds (-2.2%) outperformed global equity markets (Eurostoxx 300 -10 %; Nikkei -15%)."

The Lyxor Hedge Fund Index was down -1.0% in September (-1.8% YTD). That month, the S&P 500 fell 3%, the MSCI World was down 2.1% and HY cash spreads in Europe and the U.S. widened 70bps approximately.

CTA (+0.5%, -1% YTD) and Global Macro (-0.3%, +0.3% YTD) funds continued to stand out, fueled by the bond rally, particularly in the US. Gains were partly offset by losses posted on some equity (long) and commodities (short). L/S Equity managers were resilient amidst the global equity turmoil (-0.8%, +1.8% YTD) while dispersion in returns among managers was elevated (performances ranged from -8% to almost +3%). Meanwhile, Event Driven managers suffered a setback in September (-4%, -6.3% YTD) from the health care sector, the largest bet among managers.

In its Weekly Briefing, Lyxor Asset Management said, "Going forward, we continue to recommend CTA and Macro strategies. The September establishment survey data signaled an easing......................

To view our full article Click here

Previous Opalesque Exclusives                                  
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. KKR raises $6.4bn for the largest pan-Asia infrastructure fund[more]

    Laxman Pai, Opalesque Asia: The New York-based global investment firm KKR has raised a record $6.4bn for its second Asia-focused infrastructure fund, underlining investors' continued appetite for private markets. According to a media release from the alternative assets manager, the figure top

  2. Bucking the trend, top hedge fund makes plans for a second SPAC[more]

    From Institutional Investor: SPACs aren't dead. At least not to the folks at Cormorant Asset Management. The life sciences firm, whose hedge fund topped its peers in 2023, is confident it will match the success of its first blank-check company. Last week, the life sciences and biopharma speciali

  3. Benefit Street Partners closes fifth fund on $4.7 billion[more]

    Bailey McCann, Opalesque New York: Benefit Street Partners has closed its fifth flagship direct lending vehicle, BSP Debt Fund V, with $4.7 billion of investable capital across the strategy. Benefit Street invests primarily in privately originated, floating rate, senior secured loans. The fun

  4. 4 hedge fund themes that are working in 2024[more]

    From The Street: A poor earnings report from Tesla (TSLA) has not hurt the indexes on Thursday. The decline in Tesla stock, which is losing its position in the Magnificent Seven pantheon, is more than offset by strong earnings from IBM (IBM) and ServiceNow (NOW) . In addition, the much higher-t

  5. Opalesque Exclusive: A global macro fund eyes opportunities in bonds[more]

    Bailey McCann, Opalesque New York for New Managers: Munich-based ThirdYear Capital rebounded in 2023, following a tough year for global macro. The firm's flagship ART Global Macro strategy finished the year up 1