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Alternative Market Briefing

Hedge funds gain through mid-December on U.S. interest rates and surge in energy commodities

Wednesday, December 21, 2016

Komfie Manalo, Opalesque Asia:

Global Financial markets gained through mid-December, as the US lifted interest rates and energy commodities surged. The HFRX Global Hedge Fund Index gained +0.84% during the period (+2.42% YTD) and the HFRX Market Directional Index rose +1.25% (+9.17% YTD), Hedge Fund Research said.

HFR said, "U.S. equities extended prior month gains, reaching record highs led by strength in resurgent energy, non-cyclicals and telecom; European equities surged led by Italy, Spain, Russia and Germany, while Asian equities were mixed. U.S. interest rates increased as the Federal Reserve raised the Fed Funds rate, flattening the U.S. yield curve led by increases in shorter dated maturities; European yields were mixed."

It added that the U.S. dollar posted strong gains against the Japanese yen and euro, while gold declined. Energy commodities posted sharp increases on expectations for oil output cuts, while lean hogs surged in agricultural commodities.

Most hedge fund strategies also in positive territory

The HFRX Event Driven Index posted a gain of +1.32% through mid-December from gains in distressed/restructuring, special situations equity and merger arbitrage managers. The HFRX Distressed Index gained +1.76% extending prior months' gains from exposure to the financial and energy/basic materials sectors. The HFRX Special Situations Inde......................

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