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Alternative Market Briefing

L/S Equity strategy outperforms last week: Lyxor

Tuesday, January 15, 2019

Laxman Pai, Opalesque Asia:

The L/S Equity strategy outperformed last week, mostly from their beta, said Lyxor in its Weekly Brief.

According to Lyxor's Cross Asset Research team, funds' returns were homogeneously red in December, and green in January. Yet, a number of funds, trading oriented, stood out in December, giving back some gains in January.

"We observe only few alterations in L/S Equity portfolios at the start of 2019," it said.

Most managers steadily reduced their net and gross exposures since the summer 2018, both brought near to their historical lows. Their de-risking came to an end in December. Since then, very few funds bought stocks back over the last two weeks. Similarly, sector allocations were not substantially turned since December lows.

L/S Equity managers stand in wait and see

L/S Equity managers stand in wait and see ahead of several key pending catalysts. The Brexit vote in Parliament is likely to take place on January 15. Odds look grim, the plan B could lead to try and delay the March 29 deadline.

The earning season will also kick off next week with some of the banking majors. While reports for Q4 might still look decent, investors will scrutinize companies' guidance. U.S. and Chinese early trade talks ended on January 9 on a positive tone.

Chinese concessions remain far from U.S. initial requests, but plunging financial markets are probably pushing Mr. Trump to advance its timing ahead of the 2020 elections. More ......................

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