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Alternative Market Briefing

Global macro outperforms, hedge funds gain in December as active investing seen attractive again in 2017

Wednesday, January 04, 2017

Komfie Manalo, Opalesque Asia:

During the last two weeks of December, hedge funds delivered positive returns and outperformed both equity and bond benchmarks. For the full month of December, the Lyxor hedge fund index was up 1.3% (-0.4% YTD), Lyxor Asset Management said in its latest briefing.

Global macro managers outperformed in December on the back of the rebound in European equities and the depreciation of the EUR and GBP vs. USD. CTAs experienced a healthy rebound over the recent weeks, which contributed to reduce their negative performance in 2016. L/S equity managers underperformed towards the end of December as market conditions turned less supportive and the rebound in cyclical stocks paused.

Philippe Ferreira, Senior Strategist at Lyxor AM, commented, "It would be an understatement to say that active investing has been challenged in 2016. Political risks loomed large and the switch from deflation fears to reflation hopes in H2 led to sizeable trend reversals across the board. This took most investors by surprise."

He added that hedge funds underperformed global equity and bond indices in 2016, while active mutual funds failed to beat their benchmarks. A very small proportion of both European and US equity mutual funds outperformed their benchmarks in 2016. Active investors in the fixed income space also struggled.

"On a positive note, we find that Asian equity mutual funds delivered al......................

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