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Alternative Market Briefing

Hedge funds up 0.31% amid fierce trade tensions

Wednesday, September 11, 2019

Laxman Pai, Opalesque Asia:

Hedge funds have outperformed the equity markets in August amid tariff threats between China and the United States and slowing global growth.

The Eurekahedge Hedge Fund Index was up 0.31% during the month compared to the MSCI ACWI stock index which ended August down 2.37%.

Tariff threats and slowing growth prompted the People's Bank of China to allow the CNY to weaken past the symbolic 7 per USD level early into the month, which in turn resulted in the US Treasury Department labeling China a currency manipulator.

The risk-off sentiment among investors during the month was mostly driven by political concerns encompassing the US-China trade war, the deteriorating bilateral relationship between Japan and South Korea, the ongoing protests in Hong Kong, and the risk of a no-deal Brexit among other things.

Returns were negative across geographic mandates in August, with North American fund managers down 0.39% and Asia ex-Japan fund managers losing 1.07%. Fund managers utilizing equity long-bias strategies lost 2.03% throughout the month, dragging their year-to-date return to 9.31%.

Roughly 54.3% of the underlying constituents of the Eurekahedge Hedge Fund Index posted positive returns in August, and 30.9% of the hedge fund managers in the database were able to maintain double-digit returns over the first eight months of 2019.

Key highlights for August 2019

Hedge fund managers gained 0.31% in August, bringing t......................

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