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Alternative Market Briefing

Market environment supportive for hedge funds in February

Wednesday, March 15, 2017

Komfie Manalo, Opalesque Asia:

The market environment proved supportive for hedge funds in February as the Lyxor hedge fund index was up 1% last month, led by CTAs and event driven managers, Lyxor Asset Management said in its monthly report. On a negative note, some fixed income managers suffered negative returns lately.

The long stance on equities and commodities fueled the Lyxor CTA Broad Index to rise 3.2% in February. Trend followers have maintained stable their net long exposure to equities in every region, though they somewhat reduced their positions on the U.S. market and continued to add to European equities. Their long stance on the U.S. dollar vs. the Euro and the GBP also added to gains, Lyxor AM said.

Lyxor AM Senior Strategist Philippe Ferreira, commented, "Risk assets have experienced a strong start to the year thanks to the rebound in economic activity in developed markets. The MSCI world was up in excess of 5.5% YTD as of early March, led in particular by the U.S. market. Meanwhile, the US dollar index has regained its upward trend in February, after a pullback in January, on the back of expectations the Fed is on track to hike rates in the short term."

On a year to date basis, event driven managers continue to outperform. Their higher exposure to cyclical sectors such as financials, technology and industrials was supportive. Meanwhile, their exposure to non cyclical stocks was revised down but remains sizeable.

The outperformance of event d......................

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