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Alternative Market Briefing

Opalesque Roundup: Event-driven was the top-performing hedge fund strategy in October: hedge fund news, week 42

Monday, November 21, 2022

In the week ending November 18th 2022 a report revealed that, the Eurekahedge Hedge Fund Index gained 1.3% in October. Following the uptick, global hedge funds have reduced their YTD losses to 5%. Returns were positive across strategies in October, with event-driven (2.3%) leading the field. Event-driven was the top-performing strategy in October reversing a run of negative monthly returns. These funds have successfully capitalized on the equity rally and the unexpectedly early closing of Elon Musk's Twitter purchase.

Macro strategies extended strong YTD performance in October as equities reversed intra-month declines, while the US Federal Reserve prepared to raise interest rates to slow generational inflation, with performance led by multi-strategy and commodity-focused exposures. The investable HFRI 500 Macro Index gained 1.4% for the month, extending YTD performance to 18%. At BarclayHedge, the minority of profitable sectors were championed by the Global Macro Index which was up 7% YTD through October and outperforming the broad Barclay Hedge Fund Index (-9% YTD).

In the meantime, about 67% of hedge funds generated positive returns in October, a remarkable turnaround from the 31% that were positive the month before. However,......................

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