Saturday, 28 March 2015
Last updated 16 hours ago
Jan 9 2014 | 4:01pm ET
Hedge funds were up 0.40% as of December 30 and 6.57% year to date according to the Bank of America Merrill Lynch investable hedge fund composite index.
Event-driven and distressed credit funds outperformed the S&P500 on a risk- adjusted basis while dedicated short-bias funds lagged, reports BofAML analyst MacNeil Curry. From December 2012 to November 2013, event-driven funds and distressed credit had Sharpe Ratios of 4.02 and 3.81, respectively, compared to 2.86 for the S&P 500.
Curry says market neutral funds increased their market exposure to 9% net long from 7% net long during the monitored period while equity long/short funds reduced their market exposure to 29% net long, slightly below their 35-40% benchmark.
Macros funds slightly reduced their long exposure to the S&P and NASDAQ, maintained their long exposure to the dollar and, notably, moved from short to long 10-year Treasuries and commodities. Macros further increased their small cap tilt and, overseas, maintained short EM exposure while slightly reducing their EAFE short exposure.
Large equities specs marginally decreased their net S&P 500 longs but increased their NASDAQ and Russell 2000 longs.
Agriculture specs decreased their soybean longs and increased their wheat and corn shorts.
Metals speculators increased their gold, silver, copper and platinum longs while maintaining their palladium longs.
Large energy specs maintained their crude longs, increased their gasoline longs and reduced their natural gas and heating oil shorts.
Large FX specs trimmed their euro longs and yen shorts while increasing their Australian dollar shorts and British pound longs.
Interest rate specs added significantly to their to their 10-year Treasury short positions, increased their 30-year long positions and cut their 2-year longs.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…