Hedge Funds Up 0.67% MTD

Jul 16 2013 | 10:18am ET

The Investable Hedge Fund Composite Index was up 0.67% for the month as of July 10, according to the latest Bank of America Merrill Lynch Hedge Fund Monitor.

Equity long/short and event driven funds were the best performers, adding 1.39% and 1.21%, respectively. Equity market neutral funds performed worst, falling 0.40%.

BofAML analyst MacNeil Curry said their models indicated market neutral funds had reduced market exposure to 12% net long from 14% net long while equity long/short funds kept market exposure steady at 37% net long; in line with the 35-40% benchmark level.

Macro funds reduced their long exposures to the S&P 500 and NASDAQ 100 index and their long positions in commodities, while continuing to reduce their U.S. dollar index exposure. Ten-year Treasuries moved to a net short for the first time since May. Overseas, they covered their EM shorts and added to their EAFE shorts.

Data from the Commodity Futures Trading Commission showed large equities speculators increased their net longs in NASDAQ 100 and Russell 2000, but sold the S&P 500 out of a crowded long.

Agriculture specs sold corn to a net short for the first time since 2005, added to wheat shorts, and were essentially flat in soybeans while metals specs sold gold, slightly bought silver and were essentially flat in copper, platinum and palladium.

Large energy specs bought crude oil and gasoline, were flat natural gas and partially covered heating oil.

FX specs added to their euro shorts, bought the U.S. dollar index and added to their yen shorts. Interest Rates specs sold 2-year Treasuries, partially covered 30-year Treasuries and added to their 10-year Treasuries shorts.


In Depth

Humble in Hofstra...One Debate an Election Can Make

Sep 26 2016 | 10:20am ET

Tonight's U.S. Presidential debate, infamously coined the “Humbling in Hofstra...

Lifestyle

Vortic: Reimagining the Custom Wristwatch

Sep 27 2016 | 7:24pm ET

American watch manufacturer Vortic, which started out restoring antique pocket watch...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...