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☆ Some fund managers see merit in China's deeply discounted stocks
▼ + stars: | 2023-11-14 | by ( Summer Zhen | ) www.reuters.com time to read: +5 min

U.S. asset manager Fidelity International is highlighting China's looser monetary policy and the government's recent 1 trillion yuan ($137.10 billion) borrowing-and-spending sovereign bond plan as a tailwind for the country's stock markets. London-based £3 billion fund manager Somerset Capital Management likewise finds China exciting. The stock market has yet to recover, but has stabilised. Morgan Stanley estimates long-only foreign investors now have their deepest underweight positions in China and Hong Kong equities in years. Chinese stocks could see a short-term sentiment pick-up given foreign funds have such light positions in the market, said Redmond Wong, Greater China market strategist at Saxo Markets.

Persons: Dado Ruvic, ”, Marty Dropkin, Mark Williams, Morgan Stanley, Patrick Ghali, Sean Ho, Vivek Tanneeru, Redmond Wong, Summer Zhen, Xie Yu, Vidya Ranganathan, Kim Coghill Organizations: REUTERS, Fidelity, Asia Pacific, Fidelity International . London, Somerset Capital Management, Nasdaq, Japan’s Nikkei, Sussex Partners, Hong, China, Hang Seng Tech, Monetary Fund, Cambridge Associates, Capital, “, Triata, Matthews Asia, Saxo Markets, Thomson Locations: HONG KONG, China, U.S, Asia, Hong Kong, London, Boston, San Francisco, Greater China

REUTERS/Ann Wang Acquire Licensing RightsLONDON/NEW YORK, Aug 28 (Reuters) - Hedge funds hold record exposure to the seven biggest tech stocks by market capitalization, according to data released on Friday by Goldman Sachs, in a week Nvidia (NVDA.O) hit an all-time high after beating revenue expectations. The largest seven U.S. stocks collectively now make up about 20% of the total net market value held by hedge funds tracked by Goldman Sachs. Last week, Nvidia reported record quarterly revenue fueled by strong demand for its artificial intelligence (AI)-focused chips and said the AI boom has legs. Hedge funds will be forced into capturing these returns regardless of analysis," said Jim Neumann, chief investment officer of Sussex Partners. Goldman Sachs, which runs one of Wall Street's largest prime brokerages, is able to track trends in flows.

Persons: Ann Wang, Goldman Sachs, Jim Neumann, Bruno Schneller, Schneller, Daniel Loeb, Nell Mackenzie, Sharon Singleton, Paul Simao Organizations: REUTERS, Nvidia, Microsoft, Apple, Tesla, Nasdaq, Reuters, Sussex Partners, INVICO Asset Management, Thomson Locations: Taipei, Taiwan, Wall, Carolina

A spokesperson for the hedge fund declined further comment on Thursday. Big banks typically agree terms with hedge funds that allow them to cut ties at short notice, five sources from prime brokerages and hedge funds told Reuters. Prime brokerages may now refine due diligence processes and perform more thorough background checks on hedge funds, said Jim Neumann, chief investment officer of Sussex Partners, which advises investors on how they give their money to hedge funds. But many of these agreements mainly focus on the financial viability of the hedge fund, two of the sources said. One hedge fund manager said he was asked in his due diligence with the bank if he was approved by the UK regulator, the Financial Conduct Authority.

Persons: Banks, Crispin Odey, Goldman Sachs, Morgan Stanley, MS.N, Odey, Epstein, Michael Oliver Weinberg, JPMorgan Chase, JPM.N, Jeffrey Epstein, Bill Hwang, brokerages, Jim Neumann, Neumann, Archegos, Erika Kelton, Phillips, Cohen, Nell Mackenzie, Kirstin Ridley, Carolina Mandl, Dhara Ranasinghe, Elisa Martinuzzi, Matthew Lewis Organizations: Wall, Odey, Management, Financial Times, Tortoise Media, JPMorgan, Odey Asset Management, Reuters, CMT, Archegos Capital Management, Sussex Partners, UBS, Financial, Authority, Thomson Locations: London, New York

☆ Hedge funds bet consumers will rein in U.S. spending - Goldman Sachs
▼ + stars: | 2023-05-02 | by ( Nell Mackenzie | ) www.reuters.com time to read: +2 min

U.S. consumer spending plateaued in March, a sign that Americans may have become more averse to higher prices, data released last week showed. In Europe, stocks saw net buying by hedge funds for a fourth straight month in April, driven mainly by hedge funds buying to exit short positions in macro economic sectors, the Goldman Sachs note said. Goldman added that developed markets in Asia, especially Japan, saw net buying from hedge funds. Japanese stocks saw net buying by hedge funds for a fourth straight month and the largest level of notional net buying in two years, the note said. Global hedge funds that focus on buying and selling stocks posted a 0.58% increase in asset weighted returns, said the note.

☆ 2022 was actually a 'pretty good' year for hedge funds, says hedge fund advisory firm
▼ + stars: | 2023-04-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email2022 was actually a 'pretty good' year for hedge funds, says hedge fund advisory firmPatrick Ghali, managing partner at Sussex Partners, discusses the outlook for hedge funds in the wake of the banking crisis.

Macro and trend-following hedge funds dropped 3.2% this month through March 29, while algorithmic commodity trading advisor funds (CTAs) dove 6.8%. Hedge fund strategies based around macroeconomic ideas like those run by Rokos, DG Parters and EDL Capital fund posted negative performances in March, sources and bank data said. Trend-following hedge funds, which trade on systematically programmed ideas, also posted big losses. The bank decided not to change clients' borrowing limits, but it has increased diligence oversight on the hedge fund exposure, including new clients, the broker said. Trend-following funds tend to bail quickly on trades that stop working, said a pension fund director who invests in hedge funds.

☆ Quotes: Global banks under pressure as SVB triggers contagion worries
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +8 min

LONDON, March 14 (Reuters) - The health of the global banking sector as interest rates rise remained in the spotlight on Tuesday in the wake of the collapse of Silicon Valley Bank (SVB). But days of wild swings in global markets and hefty losses in bank shares, left the outlook for the sector in focus. Banks are now faced with the classic problem that has threatened banks throughout history: a mismatch in terms between assets and liabilities." Hopefully we'll go over the next few days, whether or not the financial system is going to calm down or not. "It’s been an indiscriminate sell off in banking stocks, the financial sector repriced everywhere.

Still, hedge funds piled into Shaw, betting the deal would go ahead. But now, together, the 12 hedge fund firms have made hundreds of millions over the nearly two-year period between Mar. POPULAR TRADEThe 12 hedge fund firms together owned 7.05% of Shaw's shares, or 33.6 million shares, according to Refinitiv Eikon data. Millennium, for example, is a multi-strategy firm - meaning it operates different hedge fund strategies. If the competition bureau had prevailed, analysts had predicted Shaw shares would have dropped to the pre-bid level of C$23, pointing to steep losses for the hedge funds.

☆ Hedge funds in 2022 post worst performance since 2018, dragged down by equities -HFR data
▼ + stars: | 2023-01-09 | by ( Carolina Mandl | ) www.reuters.com time to read: +2 min

Overall, hedge funds fell 4.25% last year, according to the HFRI 500 Fund Weighted Composite Index, which tracks many of the biggest global hedge fund performances. Equity hedge funds notched the worst performance in 2022 among the four main hedge funds categories tracked by HFR. Despite their massive losses, crypto hedge funds account for a tiny part of the industry's $3.8 trillion in assets. Macro hedge funds outperformed the industry, HFR showed. Macro hedge funds trade globally a broad range of assets, such as bonds, currencies, rates, stocks and commodities.

HONG KONG, Dec 19 (Reuters) - Asia's hedge funds are heading for their worst showing in a dozen years, with long-short stockpickers wrongfooted by volatility in China, while macro strategy funds riding big global shifts in interest rates shine. On average, Asian hedge funds fared better than the indexes, losing 9.1% through to end-November, Eurekahedge data showed. By strategy, Asia equity long-short funds lost 12% and Greater China long-short funds lost 14%, while Asia macro funds rose 12% and Asia multi-strategy rose 1%. Big picture macro funds, which trade on economic and political shifts, also performed well, as U.S.-China tension and rising interest rates roiled financial markets. Long positions in U.S. government debt and the Singapore dollar also helped through November when many macro managers were caught out by a sudden drop in the U.S. dollar.

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