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Alternative Market Briefing

Hedge funds flat but Event-Driven and L/S Equity strategies continue upward trend

Wednesday, May 10, 2017

Komfie Manalo, Opalesque Asia:

Hedge funds were mostly flat from the week covering April 25 to May 2 as performance was hampered by the shortfall of global macro managers who had maintained short positions on the EUR vs. USD and long positions on commodities (energy and metals). Year-to-date, the Lyxor Hedge Fund Index gained 0.9%, reported Lyxor Asset Management.

Lyxor said that the global macro strategy also suffered on the back of sharp falls in oil prices. On a positive note, CTAs outperformed and was up 0.7% (-1.5% YTD). They were buoyed by their long stance on U.S. and Japanese equity markets. Long positions on fixed income also contributed positively.

Philippe Ferreira, senior strategist at Lyxor AM, commented, "After a difficult month of April for CTA performance, the first week of May was supportive. Long positions on both equity and bond markets contributed substantially. In the near term, their long positions on commodities and short positions on European currencies may continue to detract from performance. We maintain a defensive positioning on the strategy for the time being."

Event-driven and L/S equity strategies continue upward trend

Meanwhile, event-driven and L/S equity strategies continued their upward trend, Lyxor said. In particular, merger arbitrage has staged a healthy rebound thus far in Q2, up 2.9% since the end of March. The strategy benefitted from long positions on companie......................

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