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In the week ending November 03rd 2023, data from hedge fund research firm PivotalPath showed that hedge funds are increasingly adopting a more defensive strategy as concerns about the macroeconomic environment have made making directional bets on the stock market harder, PivotalPath said. U.S. equity long/short hedge funds have cut to six year lows the level at which swings in the S&P 500 affect their profits or losses, as portfolio managers are taking less directional bets.

Meanwhile, macro trades have bounced back to become the best performing hedge fund strategy in the third quarter, turning a page on a dismal first half that saw economic uncertainty weigh on managers. Asset-weighted returns for macro funds hit 3.07% in the three months through September, according to data from fund administrator Citco, which sees over $1 trillion of global hedge fund asset flows.

Barclays said in a note that global macro hedge funds are now bearish on equities, leaving behind bullish bets which were part of their strategy for most of the year, while commodity trend advisers (CTAs) increased their short positions.

In new launches, global alternative investment manager Ares Management Corporation has raised $6.6 billion for its second fund focused on alternative credit, beating its $5 billion target; Global alternative investment firm Brookfield Asset Management closed its third global infrastructure debt fund after receiving more than $6 billion in investor commitments, and American Industrial Partners, a New York-based industrial-focused private equity firm, closed its eighth fund, American......................

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