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Alternative Market Briefing

Hedge funds rebound in October, join market rally

Friday, November 20, 2015

Komfie Manalo, Opalesque Asia:

Hedge funds recovered in October as the industry joined a healthy market rebound following a period of heightened market volatility in August and September, Lyxor Asset Management said.

In a video presentation, Lyxor AM said that central banks were again a key player to reassure markets, with the People’s Bank of China and the European Central Bank (ECB) restating their dovish bias. Meanwhile, economic and corporate data was somewhat better than expected. In particular, the euro zone is showing signals of economic recovery and the earnings season is proving better than feared in the U.S.

"We remain overweight CTAs, since the widening gap between the monetary stance in the U.S. (hawkish bias) and in Europe (dovish) is likely to continue to fuel the USD and to drag down commodity prices. We are also overweight macro managers, which are also long USD and are more aggressive on equities than CTAs," Lyxor said in the video.

These supportive market conditions saw hedge funds delivering returns close to 2% in October. Event-driven and global macro strategies outperformed, while CTAs underperformed for the full month of October. CTAs failed to capture the market rebound having significantly reduced their equity exposure over the previous months.

With regards to event-driven managers, they were up 2.4% ......................

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