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"For hedge funds, shorts have been a challenge since early June especially," JPMorgan said, adding the unwinding of short positions got "extreme" in recent days. The outcome for hedge funds has not been good. Overall, hedge funds went up 3.45% in the first half of the year, lagging the main stock indexes. Net buying, which excludes stocks sold, reached its largest level since October last year, according to Goldman Sachs. Still, hedge funds also shorted more single stocks, mainly in sectors like staples, communication services and info tech, according to Goldman Sachs.

Persons: JPMorgan Chase, Goldman Sachs, Carolina Mandl, Nell Mackenzie, Nick Zieminski Organizations: Global, JPMorgan, Nasdaq, Thomson Locations: U.S, New York, London

NEW YORK/LONDON, June 10 (Reuters) - Crispin Odey, one of Britain's best-known hedge fund managers, will be leaving the company he founded, Odey Asset Management, following allegations of sexual misconduct, the firm's executive committee said on Saturday. Odey and Duncan Lamont, a consultant at law firm Charles Russell Speechlys, which represents Odey Asset Management (OAM), did not immediately respond to a Reuters request for comment about the hedge fund manager's departure. OAM will continue to operate without him and his partners will control and manage the asset management firm, the company said. It added it has been investigating allegations concerning Odey, but cannot comment in detail because it is bound by legal obligations of confidentiality. Odey told the FT on Saturday that he had been notified of the firm's position, adding: "You have to have (a) willing buyer, willing seller."

Persons: Crispin Odey, Odey, Duncan Lamont, Charles Russell Speechlys, Goldman Sachs, Morgan Stanley, Goldman, Carolina Mandl, Nell Mackenzie, Kirstin Ridley, Elisa Martinuzzi, Daniel Wallis Organizations: Odey Asset Management, Financial Times, Management, JPMorgan, Reuters, UBS, Conservative Party, Securities and Exchange Commission, Financial, Authority, Carolina, Thomson Locations: Brexit, British, New York, London

The hedge funds said they can share ideas, but cannot reveal their trading positions for regulatory reasons. Reddy said he preferred senior unsecured bank debt, that allowed bondholders payment ahead of some other creditors in the event of an insolvency. Taking bearish positions on banks that lend to smaller and medium sized firms could prove opportunistic if the economy weakens, he added. Trend-wise the Japanese yen should continue to weaken," said Chua, noting that central banks in Asia have slowed or paused rate hikes. Insurers, which holds commercial mortgage-backed securities and property, will likely feel pressures on CRE, he said.

A majority of the 10 global asset and hedge fund managers surveyed by Reuters said commodities are undervalued and should thrive as global inflation stays elevated in 2023. Preqin said just 915 hedge funds were launched in 2022, the lowest in 10 years. "It's the perfect environment for macro hedge funds: central bank policy divergence, interest rate differentials, geopolitical tension, bottlenecks and each country on its own. Macro hedge funds led the industry performance through November, according to financial data firm HFR, up roughly 8%. Lyons is keen to allot more to macro hedge funds and also thinks there are good opportunities in corporate credit.

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