Hedge Funds Gain 0.24% In First Week Of August

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.


In Depth

Why Ponzi Schemes Work: An In-Depth Look At The Allen Stanford Fraud

Dec 21 2014 | 10:30am ET

Texan Allen Stanford first appeared on the radars of financial regulators in 1997...

Lifestyle

Hedgie Funds US Squash Program

Dec 24 2014 | 8:46am ET

Squash, anyone?

Guest Contributor

EidoSearch’s Top Three Market Projections For 2015

Dec 23 2014 | 4:03am ET

It is that time of year again when prognosticators make their big market calls for...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

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.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.