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Alternative Market Briefing

Hedge funds fell in April as alternative UCITS surge in Europe

Tuesday, May 03, 2016

Komfie Manalo, Opalesque Asia:

Hedge funds shed more in April with the Lyxor Hedge Fund Index down 0.9% during the month (-2.8% YTD), but there was some good news with alternative UCITS showing strong inflows in Europe.

In its Weekly Briefing, Lyxor Asset Management said that fixed income and credit arbitrage outperformed, buoyed by dovish central banks and significant credit spread tightening across the board (U.S. and Europe; investment grade and high yield). Asian credit funds did particularly well in April.

Philippe Ferreira, senior strategist at Lyxor AM, commented, "Meanwhile, CTAs underperformed as a result of the rise in bond yields in the U.S. and Europe. Over the last two months, they reduced markedly their long fixed income exposure but were still exposed to the rise in bond yields. Finally, event driven funds continue their recovery. "

Alternative UCITS surge in Europe

There has been much discussion over recent weeks on the outflows suffered by the hedge fund industry. Several data providers estimated the decline in global hedge fund capital in the first quarter of 2016 at about $15bn.

Yet, despite that, strong inflows into alternative UCITS in Europe have gone somewhat unnoticed. Lyxor cited date from Morningstar that says alternative UCITS experienced net inflows of EUR 3.6bn in March, bringing the cumulated figure to EUR 7.7bn in Q1-16 (based on the universe of funds availab......................

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