Thursday, 28 August 2014
Last updated 1 hour ago
Mar 26 2012 | 12:45pm ET
Hedge funds were up 0.14% as of March 21, according to the Bank of America Merrill Lynch investable composite index, with event driven funds leading the way.
Event-driven funds were up 0.57% for the month followed by merger arbitrage funds, up 0.43%.
The worst performers were market neutral funds, down 1.19%.
According to BofAML analyst Mary Ann Bartels, market neutral funds sold market exposure to neutral from 3% net long and equity long/short funds bought market exposure to 31% from 23% net long. Macros bought the S&P 500, commodities, U.S. dollars, 10-year Treasuries and emerging market futures, while slightly selling NASDAQ 100 and Europe, Australia and Southeast Asia exposures.
Based on Commodity Futures Trading Commission data, Bartels says large speculators sold equities across the board—the S&P 500, NASDAQ 100 and Russell 2000—during the monitored period.
In agriculture, large specs bought soybean and corn, and partially covered wheat. Soybean moved into a crowded long; wheat is in a crowded net short. In metals, speculators sold gold, silver, platinum and palladium and bought copper.
Energy speculators sold crude and gasoline while buying heating oil and natural gas. Bartels says heating oil and crude are in a crowded long. Forex speculators bought U.S. dollars while covering euro and yen.
Large speculators aggressively added to their shorts in 10-year and 30-year Treasuries, while selling 2-year Treasuries to a net short for the first time since June 2011.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...