Global Outlook 2024 Report

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AII Barometer: Hedge funds bleeding slowly vs market haemorrhage

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The Lyxor Hedge Fund Index was down -1.4 per cent in September. 3 out of 11 Lyxor Indices ended the month in positive territory. The Lyxor CTA Long Term Index (+4.0 per cent), the Lyxor CTA Long Term Index (+2.3 per cent), and the Lyxor L/S Equity Market Neutral Index (+0.4 per cent) were the best performers.

In contrast with the sell-off by last fall, the current recovery process is proving more laborious. Continued soft macro releases, several micro turbulences (VW, GLEN, the US Healthcare) and signs that the Fed might be more concerned about global growth, drove markets to re-test the end-of-August lows. L/S Equity Long bias funds and Event Driven funds were yet again the main victims. Conversely, CTAs, Global Macro and L/S Equity funds with lower or variable bias, successfully navigated these challenging times.

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