{"id":105956,"date":"2021-10-07T11:15:00","date_gmt":"2021-10-07T15:15:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=105956"},"modified":"2022-11-21T09:48:16","modified_gmt":"2022-11-21T14:48:16","slug":"q4-2021-hedge-fund-outlook","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/q4-2021-hedge-fund-outlook\/","title":{"rendered":"Q4 2021 Hedge Fund Outlook"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-a-gradual-transition-toward-a-more-normal-mid-cycle\">A gradual transition toward a more &#8216;normal&#8217; mid-cycle\u2026 <\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">We think global growth has peaked but will remain above average, boosted by broadening consumption and surging capex. A return to more &#8216;normal&#8217; has already started but will likely take more time than anticipated, complicated by covid variant(s), supply chains disruptions, firming inflation, more hawkish<br>central banks and multiple political wildcards. The cycle remains modestly supportive for risk assets. In perspective, over the last 30 years, transitions to a mid-cycle usually resulted in a few months of less comfortable phase of wait-and-see, before more bullish market trends could resume.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u2026 has substantial implications for the alpha backdrop. <\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">First, market sensitivity to covid trends would gradually decline,<br>except for segments most hit by restrictions. Second, markets would be more driven by traditional macro fundamentals. Growth, inflation, productivity, leverage would be stronger market movers and asset prices would better respond to their<br>fundamentals. Third, we expect central banks to be cautious, which would limit bond market volatility, but their uneven pace would fuel greater regional and asset discrimination. These divergences would provide a pool of relative opportunities. Fourth, as global liquidity moderate, we expect fewer trading and valuation anomalies and better capital allocations, another positive for alpha. However, the biggest wildcard would come from politics, as governments seek to withdraw stimulus, reduce inequalities, and protect strategic segments. Speculative in nature, political choices regarding fiscal spending, tax and labor regimes, regulations and allocation of public investments would be the main challenges for alpha generation.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"951\" height=\"328\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/image-18.png\" alt=\"HF in line with benchmarks\" class=\"wp-image-105957 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/image-18.png 951w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/image-18-700x241.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/image-18-300x103.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/image-18-768x265.png 768w\" data-sizes=\"(max-width: 951px) 100vw, 951px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 951px; aspect-ratio: 951\/328;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/am.lyxorfunds.com\/MTg0LU5BQi05MzQAAAF_9Rd7H51SO-mEWa2uIdppQiRhwo-LJyRmZXKiXNwbYOPlev4hrr5C5-D8YfRo3eBl-pTSnIc=\">Click here to read the full report<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8212;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Originally Published on September 29, 2021<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The views and opinions expressed in this document are those of the authors and are not given or endorsed by the company. This document is for the exclusive use of investors acting on their own account and categorized either as \u00abeligible counterparties\u00bb or \u00abprofessional clients\u00bb within the meaning of Markets in Financial Instruments Directive 2014\/65\/EU. Not for U.S. investors. See important disclaimer at the end of this document.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lyxor Asset Management believes global growth has peaked but will remain above average, boosted by broadening consumption and surging capex.<\/p>\n","protected":false},"author":638,"featured_media":105957,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[18,6,8,9,26,3],"tags":[2733,591],"contributors-categories":[13724],"class_list":["post-105956","post","type-post","status-publish","format-standard","has-post-thumbnail","category-macro","category-north-america","category-region","category-securities","category-text-articles","category-traders-insight","tag-hedge-funds","tag-outlook","contributors-categories-lyxor-asset-management"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v28.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Q4 2021 Hedge Fund Outlook | Traders&#039; 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