Tuesday, 30 September 2014
Last updated 8 hours ago
Mar 19 2013 | 11:31am ET
Hedge funds continue to trail the stock market, with the global diversified hedge fund index adding 0.65% to date in March compared to a 2.63% gain for the S&P 500.
According to the latest Bank of America Merrill Lynch Hedge Fund Monitor, CTAs were the best-performing strategies as of March 13, adding 1.27%. Market neutral funds were the worst performers, remaining flat for the monitored period.
BofAML analyst Mary Ann Bartels said their models show market neutral funds held market exposure steady at 9% net long during the monitored period while equity long/short sold market exposure to 28% from 35% net long, below the 35-40% benchmark.
Macro funds aggressively sold the NASDAQ 100 and commodities, sold 10-year Treasuries, slightly bought the S&P 500, partially covered their shorts in EM and EAFE, and continued to cover their shorts in the U.S. dollar. Bartels said macro funds were flat commodities for the first time since January 2013.
A look at Commodity Futures Trading Commission data shows large speculators continued to buy the S&P 500 and NASDAQ 100 futures, yet sold the Russell 2000.
Large agriculture specs bought soybean and corn and partially covered their shorts in wheat while metals speculators bought gold and palladium, sold silver and platinum and were flat copper.
Energy speculators sold crude and heating oil, were flat natural gas and sold gasoline out of a crowded long. Forex specs bought the US dollar, partially covered the euro and added to their shorts in yen. Interest rate specs added to their shorts in 30-year Treasuries, and sold 10- and 2-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…
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