January 13
Note ESMA report values EU Alternative Investment Funds at €5.8 trillion
The European Securities and Markets Authority (ESMA) today published its second statistical report on European Union (EU) Alternative Investment Funds (AIF). The study found that the EU AIF sector in 2018, as measured by Net Asset Value (NAV), amounted to €5.8tn or nearly 40% (...)
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November 2019
Strategy Small, Medium, Large HF: How to choose?
Should alternative portfolios favor smaller, medium, or larger hedge funds? The choice might not be as obvious as before and may be more dependent on the stage of the business cycle. For many years, small hedge funds have steadily outperformed their large peers, sometimes by (...)
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October 2019
Strategy Trend reversals briefly halted the CTA rise
Despite the escalation of trade tensions during the third quarter, economic activity has remained quite resilient. Macro data releases even managed to beat expectations in the U.S. and in Japan, leading to a sudden rise in bond yields over the course of (...)
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October 2019
Strategy Falling Geopolitical Premium to fuel Global Macro Strategies
Progress in trade talks between the U.S. and China and in Brexit negotiations knocked down safe assets last week. Bond yields rose in most developed countries and gold prices fell, as the stance on both thorny issues reversed and turned (...)
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October 2019
Strategy Slow and steady march towards a higher volatility regime
Volatility regimes are decisive for most investment approaches, particularly hedge funds. For both top down players (CTAs, Global Macro, FI Sovereign Arb.) and bottom-up strategies (L/S Equity, Event Driven, Credit Arb.), volatility deeply influence their universe and the (...)
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October 2019
News Momentum is back but for how long?
Going forward, our stance remains defensive on equities, in particular on European, Japanese and EM markets (UW). In the space of alternative strategies, we prefer Market Neutral L/S vs. Directional L/S, despite the fact that the latter has adopted a cautious stance in (...)
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September 2019
Strategy Which hedge funds strategy amid rising uncertainties?
Despite massive headwinds from trade tensions, Brexit deadlock and the manufacturing recession, asset prices have been incredibly buoyant so far this year. But as we head into Q4 2019, the sky starts to fill with clouds. We believe the balance of risks is highly asymmetric (...)
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September 2019
Strategy Good luck with timing CTAs - Favor core allocation
Timing CTAs is notoriously challenging. Monitoring their exposures provides a useful picture but has rarely been a reliable allocation method. They enjoyed an impressive rally this year, mainly supported by their long bond positions, which fueled high CTAs returns’ (...)
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September 2019
News Momentum crash impacted hedge funds
A spectacular momentum crash unfolded since late August, caused by the bounce back in sovereign bond yields. Within equity markets, value stocks experienced an impressive rebound while momentum stocks fell strikingly.
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September 2019
News Hedge funds could help deal with the uncertainties
Despite colossal headwinds related to trade tensions, the Brexit deadlock and the manufacturing recession, asset prices have been incredibly buoyant so far this year. Equities are recovering from the August drawdown and are approaching late-July record (...)
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September 2019
News Merger Arbitrage outlook for H2 2019
M&A patterns are also showing healthy dynamics. A healthy number of hostile deals (usually riskier but more profitable) tends to concentrate on smaller targets. Jumbo deals are increasingly funded by stock and cash combinations, also favorable for (...)
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July 2019
News What’s behind the rally in global macro strategies
According to our estimates, CTA and Global Macro strategies have so far extended their winning streak in July. While we recently talked about the reasons for the outperformance of CTAs (+9.3% year-to-date), the performance of Global Macro strategies is a bit more ambiguous, (...)
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July 2019
Strategy No stress in distressed: Green light for credit strategies
With only about 12% of the distressed debt maturing within the next two years, liquidity pressure is likely to remain benign. Meanwhile, the number of issuers seeking a maturity extension, amendments or waivers to their financial covenants remain (...)
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July 2019
Note European Alternatives Industry Hits €1.62 Trillion in Assets
Preqin launches its second annual Alternatives in Europe report in partnership with Amundi, which examines the alternative assets industry’s most diverse region, and for the first time provides a breakdown of the sector in each major European (...)
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July 2019
Strategy Our take on opposite Macro/CTA views on bonds
Systematic Global Macro and CTAs are often associated because many strategies are multi-asset, global, and have a top down investment process. Benchmark indices tend to pool them together.
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