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Alternative Market Briefing

Long/short equity and fixed income hedge fund strategies outperform last week

Tuesday, March 22, 2016

Komfie Manalo, Opalesque Asia:

Long/short equity and fixed income hedge fund strategies outperformed in the week ending March 16 (+0.8%), fuelled by accommodative stance from central banks, Lyxor Asset Management said. Both strategies benefited from the recovery in equity and credit markets, in particular in the financial sector. Variable and market neutral strategies stabilized.

The Lyxor Hedge Fund Index posted modest gains at 0.1% (-2.3% YTD), despite losses endured by CTAs. CTAs suffered from long bond positions as yields rebounded across the globe and ended the week down -2.5% (+0.4% YTD). Yet the Fed’s on hold decision will likely be rewarding for this week.

Philippe Ferreira, senior cross-asset strategist at Lyxor AM, commented, "Central banks were again major market movers recently, with the Fed joining the dovish ranks of the ECB and the BoJ. A dovish Fed in 2016 means nonetheless that it is not hiking rates for the time being. Importantly, [Federal Reserve chairman Janet] Yellen highlighted that she is not worried about the increase in the consumer price index. This has contributed to depreciate the dollar against major currencies and fuel risk appetite. Emerging markets have benefitted the most, with all emerging market segments (equities, FX, rates) rallying."

Hedge funds revise risk appetite

He added that hedge funds have consequently revised upwards their risk appetit......................

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