From Cliffwater LLC The views expressed herein are the views of Cliffwater only through the date of this report and are subject to change based on market or other conditions. All information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. This report is being distributed for informational purposes […] Read more »
Long Term CTAs Down Ugly As Short Term CTAs Hold On In January
From Lyxor Asset Management The global economy finished was down only -0.4% in January, outperforming the MSCI World down -3.8%. 8 Lyxor Strategy Indices out of 12 ended the month in positive territory, led by the Lyxor Fixed Income Arbitrage Index (+1.74%), the Lyxor Merger Arbitrage Index (+0.92%) and the Lyxor L/S Equity Market Neutral […] Read more »
GAM Insight: Hedge Funds De-Risk By January Month End
From Global Asset Management Managers weather the challenging last two weeks of the month In general, hedge fund managers began January broadly expecting the successful themes of the previous quarter to remain prevalent, according to Anthony Lawler, portfolio manager at GAM. Specifically, these themes included Japan reflation; strength in developed market equities led by US […] Read more »
Merger Arbitrage Outlook in 2014
By Vertex One Asset Management The Vertex Arbitrage Fund launched on October 31st. The fund finished the year almost fully invested in over 20 deals. A significant number of our more meaningful positions are Canadian opportunities that are slightly off the radar and offer an attractive risk/reward. A significant component of the performance this quarter […] Read more »
Lyxor AM Emphasises Special Sits Managers For 2014
From Lyxor Asset Management The global economy finished on solid footing in 2013 and growth is set to maintain a healthy pace in 2014. Demand in the developed economies is recovering steadily aided by supportive policies which have helped smooth the deleveraging cycle. Growth in the US is leading other regions and is helped by […] Read more »
Book Review: “Investing in Credit Hedge Funds” by Putri Pascualy
By Simon Kerr, Publisher of Hedge Fund Insight The area of fixed income hedge funds generally and credit hedge funds specifically is ripe for a thorough examination in the longer form. For the longest time books on hedge fund strategies have been about global macro, equity hedge and activist managers. As such “Investing in Credit […] Read more »
Outlook For European High Yield Credit
By Louis Gargour, Manager of the LNG Europa Credit Fund Market activity in 2013 supports the rationale for investing in Western European High Yield Credit into 2014 and beyond. The ECB has committed to keeping its benchmark interest rates low for 2014, and the rate cut in November to 0.25% substantiates that view. We view […] Read more »
Activism On A Roll
By Stephen Bornstein, Principal of Wall Street Counsel Hedge fund activists are sitting in the catbird seat right now. They had a great 2013, winning 68% of their proxy fights (compared to 43% in 2012), raising more than $7 billion in new capital and targeting 20 companies with market values above $10 billion. There are […] Read more »
GAM Hedge Fund Performance Update For End 2013
From Global Asset Management 2014 could see alpha and dispersion rise in importance over beta, says GAM Hedge funds had a strong final quarter of 2013 and ended the year up 6.7%, as measured by the HFRX Global Hedge Fund index returns in US dollar terms. “The four main hedge fund strategies all performed positively […] Read more »
Fundamental Commodity and Stat Arb Strategies Preferred for 2014 by FRM
From FRM Investment Management Hedge funds had a small positive month to end 2013. The HFRX Global Hedge Fund Index recorded a 56bps gain, taking performance for the year to positive 6.72%. Within this there was some significant dispersion in manager returns, even within strategies, as the month contained some sizeable asset price movements. Equity […] Read more »