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Alternative Market Briefing

Hedge funds gain as market conditions improve

Tuesday, October 27, 2015

Komfie Manalo, Opalesque Asia:

Hedge funds were up last week, supported by improving market conditions. The Lyxor Hedge Fund Index was up 1.1% as of Oct. 20 (-0.7% YTD).

In its Weekly Briefing, Lyxor Asset Management said that L/S equity managers stood out, fueled by long biased funds, with the Lyxor L/S Equity Broad Index gaining 0.8% (+2.6% YTD) during the same period.

Lyxor AM’s senior strategist Philippe Ferreira said, "Our Pan Asia focused manager still leads the pack, bringing its YTD performance to +24%. Event driven continued to recover. As volatility receded, special situations outperformed merger arbitrage funds. In the healthcare sector, Valeant continued to be challenged while its impact on other companies in the sector seems to be limited. CTAs’ gains on EUR, equities and energy didn’t manage to offset losses."

Lyxor added that risk assets rallied in the wake of Mario Draghi’s comments which signaled that the European Central Bank (ECB) stands ready to extend quantitative easing at its December 3 meeting. After years of non-conventional monetary policies, there is a strong sense of déjà vu. There is nonetheless hope that the improved risk appetite is not simply the result of central bank accommodation, whose marginal returns could be diminishing.

The flash PMI indices for the euro area were above expectations in October, both in the manufacturing and services sectors. On top of that, the ECB’s ban......................

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