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Alternative Market Briefing

Hedge funds climb as CTAs rebound in early 2017

Tuesday, February 28, 2017

Komfie Manalo, Opalesque Asia:

The Lyxor Hedge Fund Index was up 0.4% as of the week ending 21 February, with all strategies ending in positive territory. CTAs outperformed, supported by their long equity and commodity exposure. Their tilt toward U.S. and Asia ex-Japan equities was particularly rewarding. Their long stance on European bonds also paid off, said Lyxor Asset Management .

Meanwhile, global macro funds were up 0.2% thanks to their significant longs on USD crosses. L/S equity funds were also on the rise (+0.4%), with variable bias funds leading the pack. In aggregate, managers benefited from their tilt toward cyclical names. Fixed income and L/S credit thrived on the back of credit spread tightening, in the high yield segment especially.

"Risk assets have continued to edge higher over the recent weeks, with the MSCI World reaching new highs last week, said Philippe Ferreira, senior strategist at Lyxor AM. He added, "Yet, equities in developed markets have been essentially fuelled by the U.S. market. The S&P 500 (price index) is now up 5.7% year to date (almost 45% annualized!) with a significant part of such returns having been achieved since February 9th, when the President promised a 'phenomenal' tax plan."

CTAs rebound at the start of 2017

Based on Morningstar data, inflows into alternative UCITs rebounded markedly at the beginning of 2017. At the level of individual strategies, Ev......................

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