Thu, Mar 28, 2024
A A A
Welcome Guest
Free Trial RSS pod
Get FREE trial access to our award winning publications
Industry Updates

HFRX Global Hedge Fund Index gaining +0.62% through mid-February, +0.38% YTD

Thursday, February 20, 2014
Opalesque Industry Update - Hedge funds posted gains with the HFRX Global Hedge Fund Index gaining +0.62% through mid-month, while the HFRX Market Directional Index gained +1.45%.

HFRX Equity Hedge Index posted a gain of +1.56% through mid-February 2014, the best gains since January '13, with contributions from Fundamental and Market Neutral managers. HFRX Fundamental Growth Index rose +2.04%, with gains concentrated in Global Healthcare and European mid- and small-cap equity. HFRX Fundamental Value Index gained +1.44% with performance in Financials, Consumer and European large-cap equity. The HFRX Market Neutral Index gained +0.61%, with gains across mean reverting, factor-based models as volatility declined and dispersion narrowed.

HFRX Event Driven Index posted a gain of +1.21% through mid-February, with contributions from Equity Special Situations and Distressed/Restructuring strategies. HFRX Special Situations Index gained +1.54% through mid-month with contributions from exposure to Energy and Industrials and Financial sectors, with core positioning in Cole REIT, Time Warner, Sensient Technologies, Apple, Herbalife and American Airlines. HFRX Distressed Index posted a gain of +0.41% through mid-month, with contributions from restructurings across Communications, Financials and Technology sectors in the US and Europe. HFRX Merger Arbitrage Index was narrowly changed through mid-month, with mixed contributions from transactions in Suntory/Beam, CapitalSource/PacWest Bancorp, Avago Technologies/LSI and Tower Financial/Old National Bancorp.

HFRX Relative Value Arbitrage Index posted a gain of +0.57% through mid-February with contributions across Convertible Arbitrage and Multi-Strategy managers as credit tightening offset rising yields. HFRX Convertible Arbitrage Index gained +0.64%, as credit gains offset volatility declines, while HFRX RV: Multi-Strategy Index and HFRX Fixed Income Credit Index posted gains of +0.55% and +0.54%, respectively. HFRX MLP Index gained +1.84% on strong demand for energy infrastructure partnerships, leading all Indices with a +3.45% YTD gain.

HFRX Macro Index posted a decline of -1.31% through mid-February, with weakness in trend-following CTA and Discretionary Macro partially offset by gains in Emerging Markets exposure. HFRX Macro: Systematic Diversified Index declined -2.02% with weakness across currency, commodity equity and fixed income exposures, while the HFRX Emerging Markets Index posted a gain of +0.09% with contributions from Asian convertible strategies, paring prior month losses.

Global financial markets posted gains through mid-February, as corporate earnings results continued to be favorable and the transition in US Federal Reserve leadership proceeded without significant modifications to existing policies. Global equity markets posted gains through mid-February, recovering early month losses and paring losses for FY 2014, with US leadership from Technology, Commodity-sensitive, Cyclicals and Healthcare sectors. European and Asian equities also posted gains through mid-month, with leadership from France, Germany, Italy and Switzerland, while Asian equities were led by China, Australia and Thailand. US yields rose as the curve steepened, with increases concentrated in longer dated maturities; European yields were little changed through mid-month as high yield credit tightened and overall asset volatility fell, despite an early month increase. The US dollar fell against the British Pound Sterling, Swiss Franc and Euro, while also declining against Emerging and Commodity currencies including Canadian Dollar, Australian Dollar, South African Rand and New Zealand Dollar. Commodities posted gains across Metals, Energy and Agriculturals, led by Oil, Natural Gas, Gold, Silver, Coffee and Soybeans.

Comments reference performance as published through February 14, 2014.

press release

www.hedgefundresearch.com/hfrx

Bg

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Previous Opalesque Exclusives                                  
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. KKR raises $6.4bn for the largest pan-Asia infrastructure fund[more]

    Laxman Pai, Opalesque Asia: The New York-based global investment firm KKR has raised a record $6.4bn for its second Asia-focused infrastructure fund, underlining investors' continued appetite for private markets. According to a media release from the alternative assets manager, the figure top

  2. Bucking the trend, top hedge fund makes plans for a second SPAC[more]

    From Institutional Investor: SPACs aren't dead. At least not to the folks at Cormorant Asset Management. The life sciences firm, whose hedge fund topped its peers in 2023, is confident it will match the success of its first blank-check company. Last week, the life sciences and biopharma speciali

  3. Benefit Street Partners closes fifth fund on $4.7 billion[more]

    Bailey McCann, Opalesque New York: Benefit Street Partners has closed its fifth flagship direct lending vehicle, BSP Debt Fund V, with $4.7 billion of investable capital across the strategy. Benefit Street invests primarily in privately originated, floating rate, senior secured loans. The fun

  4. 4 hedge fund themes that are working in 2024[more]

    From The Street: A poor earnings report from Tesla (TSLA) has not hurt the indexes on Thursday. The decline in Tesla stock, which is losing its position in the Magnificent Seven pantheon, is more than offset by strong earnings from IBM (IBM) and ServiceNow (NOW) . In addition, the much higher-t

  5. Opalesque Exclusive: A global macro fund eyes opportunities in bonds[more]

    Bailey McCann, Opalesque New York for New Managers: Munich-based ThirdYear Capital rebounded in 2023, following a tough year for global macro. The firm's flagship ART Global Macro strategy finished the year up 1