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Komfie Manalo, Opalesque Asia: Hedge funds generated alpha in the week covering 28 March to 04 April as the higher dollar and oil prices pushed global macro funds to outperform. The Lyxor Hedge Fund index edged higher +0.5% (+1.6% YTD) during the period.
In its latest Weekly Briefing, Lyxor Asset Management said that most portfolios were rewarding for global macro managers. The bulk of gains stemmed from the appreciation of the USD vs. DM currencies. Longstanding positions on oil and European equity markets added to gains.
Jean-Baptiste Berthon, senior strategist at Lyxor AM, commented, "Global macro funds at Lyxor seem to be prudently positioned. After the UK referendum and the U.S. election surprises, they are more cautious. While they do not seem to be taking a particular stance on the elections, they are de-risking portfolios and favor relative value trades. Their net total exposure to equities and FX (in USD) are both below 20%."
On the L/S equity side, European managers outperformed, Lyxor said. It added that relative value trades within consumer and financial sectors paid off. A number of M&A deal positions bolstered returns of merger arbitrage managers, including Actelion/J&J, Syngenta/ChemChina and Danone/Whitewave Foods.
Berthon added, Amid slightly negative global equities, L/S equity funds succeeded in extracting excess returns, especially in Europe through relative trades. Two weeks an...................... To view our full article Click here
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