Hedge Funds Add 0.50% In February

Feb 19 2013 | 1:23pm ET

The investable hedge fund composite index was up 0.50% month-to-date as of February 13, 2013, according to the latest Bank of America Merrill Lynch Hedge Fund Monitor.

Analyst Mary Ann Bartels said their models indicate market neutral funds maintained their market exposure at 11% net short during the monitored period while equity long/short funds aggressively bought market exposure to 29% from 19% net long, still well below the 35-40% benchmark.

Macros sold the S&P 500, NASDAQ 100, commodities and 10-year Treasuries, and slightly covered their shorts in U.S. dollar futures. They also added to their shorts in emerging markets while partially covering Europe, Australasia and Far East shorts.

Commodity Futures Exchange Commission data shows large equities speculators sold the S&P 500, NASDAQ 100 and Russell 2000 futures while agriculture specs bought soybean, sold corn and added to their shorts in wheat.

Metals speculators sold gold and silver, remained flat copper while slightly buying platinum and palladium. Gold moved back into a buy zone. Energy specs bought crude and heating oil, were flat gasoline and partially covered natural gas.

Forex speculators sold euros, were flat the U.S. dollar and partially covered the yen. Interest rate specs aggressively bought 2-yr Treasuries, bought 10-year Treasuries and partially covered 30-year Treasuries.


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