Saturday, 20 September 2014
Last updated 1 day 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.