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Alternative Market Briefing

Hedge funds gain on Trump market rally, positive U.S. data

Tuesday, November 29, 2016

Komfie Manalo, Opalesque Asia:

Hedge funds enjoyed meaningful returns in the week ending November 22, with the Lyxor Hedge Fund Index moving up 0.7% over the period (-1.6% YTD). From a broad perspective, all strategies ended the week on a positive note except for CTAs that ended flat.

Event driven strategies emerged as the biggest winner and were up 0.9% (+1.0% YTD), supported by positive returns in both merger arbitrage and special situations. global macro and L/S equity gained some ground, the latter benefitting from solid gains in the long bias segment (1.6%).

In its Weekly Briefing, Lyxor Asset Management said that with U.S. data releases in the black and the Fed ready to act, Treasury yields kept creeping higher over the recent weeks. Meanwhile, the ECB recently signaled it may extend its bond buying program at the current € 80bn per month beyond March 2017 (the final decision is likely to be announced on December 8th). This has led to growing divergence between Treasuries and Bunds across the yield curve and further depreciation of the EUR vs. the USD.

Lyxor AM senior strategist Philippe Ferreira commented, "This environment has been supportive for hedge funds. Most strategies delivered positive returns last week as risk assets moved higher on Trump’s market rally. Event driven outperformed as spreads tightened for deals such as Time Warner/AT&T, Monsanto/Bayer, LinkedIn/Microsoft and Alere/Abbott. Such deal......................

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