Wednesday, 1 October 2014
Last updated 10 hours ago
Jul 17 2012 | 12:21pm ET
Hedge funds were up 0.29% last week, according to the Bank of America Merrill Lynch investable composite index.
Hedge funds trailed the S&P 500, which had added 2.37% as of July 11. CTA advisors (up 1.88%) and macros (up 1.23%) were the best performing strategies in the monitored period while equity long/short (down 0.54%) was the worst.
BofAML analyst Mary Ann Bartels says market neutral funds bought market exposure to 4% from 3% net long while equity long/short maintained market exposure at 23% net long, well below the 35-40% benchmark level.
Macros added to their shorts in the S&P 500 and NASDAQ 100, partially covered commodities and 10-year Treasuries, neutralized EM exposure, while selling U.S. dollars and EAFE, says Bartels. In addition, macros maintained their large-cap preference.
Data from the Commodity Futures Trading Commission shows large speculators partially covered the Russell 2000, sold the NASDAQ 100 and added to their shorts in the S&P 500.
Agricultural speculators bought soybeans, corn and wheat; metals speculators sold gold, silver and platinum; energy speculators (marginally) bought crude oil and gasoline; and forex specs bought U.S. dollars and yen while adding to their euro shorts. Interest rate speculators bought 30- and 2-year Treasuries while covering 10-year Treasuries.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...