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Alternative Market Briefing

Performance of hedge fund strategies year-to-date ranges from +4% to -7% as of end-November: Lyxor

Monday, December 24, 2018

Laxman Pai, Opalesque Asia:

According to broad benchmarks, few strategies managed to end the year in positive territory. CTAs and L/S Equity strategies underperformed, on the back of trend reversals in equity markets in particular, said a monthly video report from Lyxor Research team.

On a positive note, Merger Arbitrage and Relative Value strategies are on track, as of Mid-December, to post positive returns thanks to their low market directionality, said Lyxor Hedge Fund Brief, the monthly brief focusing on hedge fund performance, market perspectives and portfolio positioning.

The performance of hedge fund strategies year-to-date ranges from +4% to -7% as of end-November. Dispersion across individual funds was elevated, as usual in such volatile market conditions.

For instance, the performance of Global Macro funds up to mid-December ranges from +25% to -16% according to Lyxor's peer groups composed of 34 onshore strategies covering both EM and developed markets.

Going forward, political risks remain elevated and concerns over how central banks will adjust their stance to the growth deceleration may continue to generate market volatility in early 2019.

Under such conditions, alternative strategies appear attractive relative to traditional asset classes.

Ferreira Philippe, Senior Strategist, Cross Asset Research - Lyxor Asset Management said: "But selectivity is key and from a top down perspective, we are positioned around three axes: re-weight low......................

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