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Alternative Market Briefing

Hedge funds outperform equity markets in first week of 2016

Tuesday, January 12, 2016

Komfie Manalo, Opalesque Asia:

The year started off with a bad start as the first trading week of 2016 was greeted by the sharp decline in the Chinese market that reverberated across the globe. However, the hedge fund industry was able to deflect some of the negative shocks of the stock markets’ bad opening week by strongly outperforming the equity markets.

Lyxor Asset Management said in its Weekly Briefing that the Lyxor Hedge Fund Index was marginally down 0.3% as of end January 5, while the MSCI world declined by 3.3%.

Lyxor AM senior strategist Philippe Ferreira commented, "We enter 2016 with the same slow and fragile conditions as experienced at the end of 2015. Contradictory macro policies, such as tighter regulations vs. accommodative monetary policies, competitive easing and devaluations, has resulted in conflicting impacts on the markets. Those supporting volatility and dispersion should prevail - though unevenly across assets. The trading backdrop would remain similar to last year, with frequent rotations, hovering liquidity risk, erratic flows with rich valuations, and markets overshooting fundamental changes."

The report added that CTA managers outperformed, with long term models leading the pack. Systems benefitted from the decline of rates on both sides of the Atlantic, while the sharp fall in energy prices contributed to the gains. Short exposure to energy was also rewarding for global macro funds.......................

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