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Alternative Market Briefing

Global macro recovery pushes Lyxor hedge fund index up 1%

Tuesday, October 10, 2017

Komfie Manalo, Opalesque Asia:

The global macro hedge fund strategy continued to extend a winning streak, supported by constructive views on Europe through long equities and short bonds and helped push the Lyxor Hedge Fund Index up 1.0% (+2.1% YTD) from 26 September to 03 October. Short EUR versus USD was rewarding.

Jean-Baptiste Berthon, senior strategist at Lyxor Asset Management said that global growth continues to be revised up in most regions. Inflation prints are firming up. Several major central banks seem confident enough to start normalizing their policies. In the U.S., prospects of some tax cuts revive some areas of the reflation trade.

He said, "Another positive earning season is starting. There were all the ingredients to keep boosting equities, rates, and dollar. Emerging markets and metals progressed despite a weaker support from low dollar. Meanwhile, risk indicators eased, credit spreads tightened, as well as gold and volatility. There was one exception last week with energy off from its peak on disappointing stock reports."

This scenario provided tailwinds to most hedge fund strategies, which were strongly up during the week, led by the special situations and global macro funds, he said. The good news is that returns, and more importantly year-to-date, are displaying alpha contribution, on top of the gains from their natural market exposures.

Lyxor reported that L/S equity managers delivered......................

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