Hedge Funds Trail S&P 500 In April

May 5 2014 | 2:35pm ET

Hedge funds trailed the S&P 500 Index in April, with the Bank of America Merrill Lynch Hedge Fund Composite Index adding 0.38% to the broader index's 1.93%.

Equity market neutral and event driven funds were the best performers last month, adding 2.65% and 2.12%, respectively.

BofAML analyst MacNeil Curry said market neutral funds trimmed market exposure from 10% net long to 7% net long while equity long/short funds trimmed exposure from 44% net long to 39% net long, in line with the 35-40% benchmark.

Macro funds increased their long exposure to the S&P500 and NASDAQ; reduced their exposure to  the U.S. dollar to hold short exposure and reduced their long exposure to 10-year Treasuries. They also decreased their long exposure to commodities and increased their large-cap tilt. Overseas, they decreased their long exposure to EM and their long exposure to EAFE.

According to Commodity Futures Trading Commission data, large equities speculators added to their S&P 500 and NASDAQ longs last week while trimming their Russell 2000 shorts.

Large agriculture specs increased their soybean, corn and wheat futures while metals specs added to their gold shorts, trimmed their copper shorts and silver longs, cut their platinum longs and added to their palladium longs.

Energy specs cut their crude longs, increased their natural gas shorts, cut their heating oil shorts and added to their gasoline longs.

FX specs trimmed their Australian dollar and British pound longs, maintained their euro longs and added to their yen shorts.

Interest rate specs cut their 10- and 2-year short but added to their 30-year longs.


In Depth

Hedge Fund Veteran Peter Borish Talks Trading

Dec 17 2014 | 9:32am ET

Peter Borish says 2014 was “tricky” from a trading perspective. “The best...

Lifestyle

Cohen Donates $1.5M To GOP Governors Association

Dec 10 2014 | 7:13am ET

The Republican Governors Association raised close to $25 million from October 1...

Guest Contributor

Q&A With Daniel Gallancy: Institutional Interest In Bitcoin Is Growing Steadily

Dec 12 2014 | 7:54am ET

Daniel Gallancy is founder and CEO of SolidX, a provider of total return swaps 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.