Wednesday, 17 December 2014
Last updated 6 hours ago
Feb 24 2014 | 1:00pm ET
Hedge funds trailed the stock market in the week ended February 19: the Bank of America Merrill Lynch Diversified Investible Hedge Fund Composite Index added 0.51% to the S&P 500's 0.57% gain.
Event-driven funds were the best performers over the monitored period, adding 0.62%.
BofAML analyst MacNeil Curry said market neutral funds increased their market exposure from 3% to 9% net long while equity long/short funds increased their market exposure from 36% to 37% net long, in line with their 35-40% benchmark level.
Macros increased their long exposure to the S&P 500 and went from being short the NASDAQ to being long the tech index. They also went short U.S. dollars and slightly trimmed their U.S. 10-year Treasury shorts while slightly increasing their commodity long exposures and large-cap tilt. Overseas they maintained their short exposure to emerging markets and EAFE.
Commodity Futures Trading Commission data for the monitored period showed large equities speculators reduced their S&P 500 shorts, added to their NASDAQ longs and covered their Russell 2000 shorts.
Agriculture specs increased their soybean and corn longs while cutting their wheat shorts; metals speculators increased their gold, silver, platinum and palladium longs and cut their copper shorts.
Large energy specs increased their crude longs, marginally increased their natural gas shorts and covered their heating oil shorts.
FX specs covered their euro shorts to a net long, reduced their Australian dollar shorts, sold yen and increased their British pound longs.
Interest rates specs cut their 10-year Treasury shorts, marginally increased their 30-year longs and sold 2-year contracts to a net short.
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.