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Alternative Market Briefing

All hedge fund strategies in positive territory in first half of February

Tuesday, February 14, 2017

Komfie Manalo, Opalesque Asia:

The Lyxor hedge fund index was up 0.4% as of the week ending 07 February (-0.1% YTD) and all strategies were in positive territory, Lyxor Asset Management reported.

Event driven outperformed (0.5%) during the same period on the back of the solid returns delivered by special situations funds. Within the L/S equity space, it is interesting to note that market neutral and variable bias managers are faring much better compared to last year. Fixed Income Arbitrage and L/S Credit underperformed though Lyxor's index is in positive territory. The strategies continued to outperform on a year to date basis.

Value stocks lose steam but active managers stay afloat

Philippe Ferreira, senior cross asset strategist at Lyxor AM said that value stocks have lost steam in early 2017 as market exuberance faded and investors reappraised the risks of trade wars. The renewed underperformance of value stocks has taken many investors by surprise as it follows a sharp rebound in the last quarter of 2016.

The January reversal has been particularly abrupt in the U.S. The MSCI USA Value underperformed the market by 2% and the MSCI USA Growth by 4%.

Ferreira said, "Active investors have nonetheless been able to stay afloat. Based on a sample of 86 value funds invested in the U.S., we find that the majority outperformed their benchmark in January. In Europe, we find a similar proportion of valu......................

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