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Alternative Market Briefing

October returns bring Eurekahedge hedge fund index to 6.21% YTD

Wednesday, November 13, 2019

Laxman Pai, Opalesque Asia:

Hedge fund managers were up 0.26% in October, pushing their year-to-date return to 6.21%, according to Eurekahedge.

The Eurekahedge Hedge Fund Index gained 0.26% in October, supported by the global equity market rally as represented by the 1.93% gain recorded by the MSCI ACWI (Local).

The resumption of the US-China trade talks which culminated in an outline of a potential "Phase 1" deal pushed US and Asian equities higher.

On the other hand, UK equities underperformed their global and EU peers as the British pound strengthened following the receding no-deal Brexit fear. Yields of government bonds climbed over the month, following an uptake in investor risk appetite.

The Fed cut its benchmark rate for the third time this year while indicating that it might be done with rate cuts for the foreseeable future.

Returns were mostly positive across geographic mandates in October, with fund managers focusing on Asia ex-Japan up 1.76%, outperforming their European and North American peers who were up 0.84% and 0.53% respectively.

Japanese hedge funds returned 1.50% over October, owing to the region's strong equity market performance.

Macro and CTA/managed futures funds down

Across strategies, macro and CTA/managed futures fund managers were down 0.32% and 0.98% respectively throughout the month, underperforming long/short equities fund managers who benefited from the equity market rally and returned 0.80%.

Rough......................

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