L/Sequity Half-Year Review

Lyxor
By July 31, 2018 05:08

L/Sequity Half-Year Review

The Weekly Brief

Coping With Political Uncertainties. This week, hedge fund returns were dragged by CTAs. Early signs of the Bank of Japan moving out of zero interest-rate policy hit their Japanese bonds and short JPY positions. Some Event-Driven strategies also suffered from idiosyncratic events, including the NXP vs. Qualcomm operation. While L/S Equity strategies steadily added alpha in 2017, the contribution has been more modest and more volatile in 2018 so far. It has also been more heterogeneous across regions. Peaking global growth concerns and an unusual stream of political wildcards overshadowed micro developments in most regions. It also kept managers focused on risk management. As a result, it has been more challenging to extract sustainable alpha out of stocks, rather driven by broader trends than by their fundamentals. Funds focusing on Japan, Asia, and EM markets particularly suffered. In contrast, U.S. managers benefitted from more sector directionality and corporate activity. European funds enjoyed a richer set of themes and more stock differentiation.

Lyxor
By July 31, 2018 05:08

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