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Alternative Market Briefing

Hedge funds deliver strong results in February as macro strategies rebound

Tuesday, February 21, 2017

Komfie Manalo, Opalesque Asia:

Hedge funds delivered strong results of as 14 February, supported by the risk-on sentiment across the board. The Lyxor Hedge Fund Index was up 1%, fuelled by macro strategies in particular, Lyxor Asset Management reported.

It added that CTAs strongly rebounded thanks to their long exposure to equities. Their tilt toward Europe and Asia ex-Japan paid off. Global macro managers delivered strong returns through their long USD crosses. Their short developed market (DM) currencies and their long emerging market (EM) vs. USD were also rewarding.

Jean-Baptiste Berthon, Senior Strategist at Lyxor AM commented, "Markets have gone back and forth while assessing the prospects for Trump's economic plans and the timing of U.S. rate hikes. Last week, risk assets in DM and EM progressed, stirred by supportive data and Trump's plans to unveil a 'phenomenal' tax policy. Most hedge funds headed north. CTAs thrived on their long equities. Macro funds' dollar crosses were also rewarded. Special Situation funds benefited from the increasing prospect of corporate activity."

Special Situation funds benefited from the increasing prospect of U.S. corporate activity, while L/S Equity continued to benefit from rising equity markets and a conducive alpha environment.

Berthon said that Lyxor took a close look at the earnings reports this season, usually a reliable barometer of the alpha e......................

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