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Alternative Market Briefing

Hennessee Hedge Fund Index gains +0.43% in March

Monday, April 29, 2019

Laxman Pai, Opalesque Asia:

As financial markets responded favorably to the US Federal Reserve's shift away from its monetary tightening bias during Q1, the Hennessee Hedge Fund Index gained +0.43% for the month (+5.70% YTD).

Most economic indicators remained tepid, although China displayed some initial signs of stabilizing activity. The mature global business cycle continues to warrant smaller cyclical allocation tilts and the prioritization of portfolio diversification.

In a reversal from the sharp downturn in Q4 2018, prices for riskier assets posted substantial gains during Q1 2019.

Global equity markets rallied, with the US leading the way. High-yield corporate bonds and commodities also rebounded.

US Treasury bond yields continued their descent, boosting returns to high-quality bonds and solidifying positive results across all major asset categories.

The 10-year Treasury bond yields fell below 3-month Treasuries, inverting the yield curve.

Globally, government bond yields continued to decline, with 10-year yields in Germany and Japan revisiting negative territory.

Top three strategies for the month - Healthcare, Asia Pacific and Technology

The top three strategies for the month were Healthcare and Biotech (+1.92%), Asia Pacific (+1.83%) and Technology (+1.70%). While, the bottom three strategies for the month were Emerging Markets (-1.23%), Short Biased (-1.15%) and Latin America (+0.79%).

For the year, Healthcare ......................

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