Event-Driven Takes A summer Break

By September 5, 2017 05:14

Event-Driven Takes A summer Break

The Weekly Brief

For the first time since October 2016, the monthly performance of Event-Driven funds was in negative territory. The strategy remains nonetheless the stellar performer in 2017, up 5.7% year to date according to the Lyxor Event Driven Broad index. The summer air pocket was mainly due to the negative returns delivered by special situations funds (-1.8% in August) which suffered losses on consumer holdings. Health care stocks such as NuVasive and Zimmer Biomet detracted from performance earlier in the month; while more recently Sotheby’s and Nestle dragged down the returns of special situations funds. Meanwhile, merger arbitrage funds stayed afloat (+0.1% in August) despite the widening of deal spreads over the course of August. The NXP Semiconductors vs. Qualcomm planned merger continued to be an important driver of performance of merger funds last month, while Time Warner vs. AT&T was a detractor.

By September 5, 2017 05:14


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