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Laxman Pai, Opalesque Asia: Hedge funds remained under severe pressure in October, as the month saw saw the sharpest one-month decline for global equities since May 2012, according to a recent report by hedge fund industry observer Hennessee Group.
The Hennessee Hedge Fund Index lost -3.12% for the month of October. Bond markets reflected the risk-off market sentiment, with government bond yields outside the US broadly lower. US equities declined amid investor concerns over the durability of the economic cycle.
The top three strategies for the month were Emerging Markets (+2.85%), Market Neutral (+1.49%) and High Yield (+0.86%).
The bottom three strategies for the month were Healthcare and Biotech (-6.17%), Financial Equities (-6.10%) and Technology (-5.24%). For the year, Short Biased (25.65%) leads all strategies while Distressed (-19.39%) brings up the rear.
The better performing sectors were Consumer Staples (+2.00%), Utilities (+1.90%) and Financials (-4.81%).
Underperforming sectors were Consumer Discretionary (-13.53%), Energy (-11.92%) and Industrials (-11.22%).
For the month, global equities showed a decrease across the board. The MSCI ACWI Index decreased -7.6% (-5.6% YTD) and the MSCI EAFE Index decreased -8.03% (-11.59% YTD). The MSCI Emerging Market Index decreased -10.61% for the month (-19.25% YTD), while hedge fund managers outperformed the index,.
The Barclays Aggregate Bond Index decreased -0.79% for the month (-2.40% YTD) as int...................... To view our full article Click here
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