Wednesday, 24 December 2014
Last updated 11 hours ago
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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.