Wednesday, 1 October 2014
Last updated 5 sec ago
Aug 12 2013 | 12:59pm ET
Hedge funds were up 0.24% for the first week of August, according to the Bank of America Merrill Lynch Investable Hedge Fund Composite Index.
Convertible arbitrage and equity long/short funds were the best performers, adding 0.41% and 0.31%, respectively. Market neutral strategies performed worst, falling 0.36%.
BofAML analyst MacNeil Curry said their models showed market neutral funds raised market exposure to 6% net long from 5% net long during the monitored period. Equity long/short funds also increased market exposure—to 40% from 38% net long in line with the 35-40% benchmark level.
Macros bought the S&P 500 and slightly increased their NASDAQ 100 longs but reduced their long positions in commodities. In addition, they sold the U.S. dollar index out of a crowded long, and partially covered their 10-year Treasury shorts. Overseas, they increased both EM and EAFE exposures.
Data from the Commodity Futures Trading Commission showed large equities speculators marginally increased their net long positions in the S&P 500 and NASDAQ 100 but reduced their longs in the Russell 2000.
Agriculture specs sold soybeans, marginally covered corn shorts and were flat wheat while metals specs aggressively bought gold, bought platinum and palladium, were flat silver and partially covered copper shorts.
Large energy speculators bought heating oil, marginally bought crude oil, sold gasoline and added to their shorts in natural gas.
FX specs bought the euro aggressively to a net long, remained flat the U.S. dollar and marginally covered their yen shorts. Interest rate speculators bought 2-year notes, aggressively sold 10-year Treasuries to a net short and halved their 30-year Treasury shorts.
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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