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Komfie Manalo, Opalesque Asia: Hedge funds are on track to deliver solid returns this September on the back of the recovery of global macro managers and the satisfactory performance of the remaining strategies, Lyxor Asset Management said in its Weekly Briefing.
The Lyxor Hedge Fund Index was slightly up with 0.1% returns from 12 September to 19 (+0.9% YTD), with CTAs weighing on the overall performance. CTAs were hit by rising bond yields and the appreciation of the GBP. Long positions on gold added to losses as higher Treasury yields posed headwinds to precious metals.
"So far this month, most hedge fund strategies are in positive territory. Fixed income arbitrage, event-driven and L/S equity strategies are up in excess of 1%," stated Philippe Ferreira, senior strategist at Lyxor AM. He added, "It is noteworthy that the Lyxor Event-Driven broad index is up 7% year to date, with a balanced contribution from merger arbitrage and special situations strategies."
He added that the fixed income strategy was the primary winner of rising bond yields, up 0.7%.
The remaining strategies delivered positive returns, except market neutral L/S strategies, which were down during the week.
On the merger side, Ferreira said that positions in the health care sector contributed to gains during the week. On a negative note, CTAs gave back some gains and stand in the red month to date as a result of trend reversals in most asset ...................... To view our full article Click here
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