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Alternative Market Briefing

Event-driven strategies lead hedge funds gains

Tuesday, April 26, 2016

Komfie Manalo, Opalesque Asia:

Hedge funds continued to steadily rise last week with event driven strategies leading the way, Lyxor Asset Management said in its Weekly Briefing. The Lyxor Hedge Fund Index was up 0.3%, (-2.4% YTD) as of 19 April. Special situations (+1.6%) outperformed on the back of exposures to financials, consumer non cyclical and energy. Merger funds progressed on some deal spread tightening.

Jean-Baptiste Berthon, senior strategist at Lyxor AM commented, "Hedge funds continued to progress last week. The longest bias strategies captured the bulk of the gains: the long bias long/short equity and special situation funds outperformed. The merger arbitrage funds continued to display limited contagion from the recent inversion stress. Global macro funds benefitted from their long equity exposures. CTAs recorded mild losses on bonds, partially offset by gains in equities. The violent short covering in financials and resources sectors unsettled the market neutral funds, as well as some variable funds."

Long/short equity managers ended the week flat (-3.6 YTD). Yet this hides high dispersion in returns across managers: US focused and most directional managers outperformed while lowest net and highest gross exposed funds suffered from styles rotations, Berthon added.

CTAs posted slight negative returns, with mild losses in bonds and in Japanese yen, offset by equities and commodity FX.

Japanese......................

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