{"id":107904,"date":"2021-10-22T10:30:00","date_gmt":"2021-10-22T14:30:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=107904"},"modified":"2022-11-21T09:48:39","modified_gmt":"2022-11-21T14:48:39","slug":"how-are-hedge-funds-positioning-after-the-market-correction","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/how-are-hedge-funds-positioning-after-the-market-correction\/","title":{"rendered":"How Are Hedge Funds Positioning After the Market Correction?"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-by-jean-baptiste-berthon-senior-strategist-montassar-jamai-hedge-fund-analyst\">By: Jean-Baptiste Berthon, Senior Strategist &amp; Montassar Jamai, Hedge Fund Analyst<\/h2>\n\n\n\n<p>Since early September, risky assets have corrected as investors priced in a peak in global growth, broadening impacts from supply-chain bottlenecks, inflation data questioning the &#8220;transitory&#8221; narrative as well as the spike in energy prices, and central banks becoming more hawkish and preparing to taper their purchases. While China continued its regulatory crackdown, markets also had to digest the (managed) collapse of Evergrande and deepening power shortages. Finally, in the U.S., the political stalemate concerning infrastructure spending and the increasing of the debt ceiling added extra uncertainty.<\/p>\n\n\n\n<p>As a result, global equities headed south and sovereign yields surged in response to more hawkish central banks and firming inflation, with the &#8216;stagflation&#8217; narrative gaining support. Higher risk-aversion and the Fed&#8217;s nearing tapering supported the dollar, while credit spreads widened. Depleting inventories also boosted energy assets. Below we assess how hedge funds navigated increasingly challenging markets and discuss how they are currently positioned. <\/p>\n\n\n\n<p>L\/S Equity managers have decently navigated these markets, generating small positive alpha (especially on their short positions) but their implicit stance is diverging across regions. U.S. managers detracted only marginal alpha. They maintained their modest overall exposures throughout September and further reduced them early October, keeping limited factor tilts. They steadily reweighted the energy and rate-sensitive sectors, consistent with soaring energy prices and yields.<\/p>\n\n\n\n<p>Also, they just started to buy the dip on tech stocks that have corrected the most, as well as sectors negatively impacted by the pandemic. While they took profits on financials, they did not add much on defensive stocks. U.S. managers do not appear to be overly concerned by the macro backdrop, but higher tail risks, especially in the U.S., keep them in wait-and-see mode. Meanwhile, they are increasingly turning tactical and opportunistic.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"372\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/image-78-1100x372.png\" alt=\"Limited HF correlation to equities, positive alpha in september, improving short book contribution\" class=\"wp-image-107905 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/image-78-1100x372.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/image-78-700x237.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/image-78-300x102.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/image-78-768x260.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/image-78.png 1519w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/372;\" \/><\/figure>\n\n\n\n<p><a href=\"https:\/\/am.lyxorfunds.com\/MTg0LU5BQi05MzQAAAGAOQFFQ1DKP_EialwEOo2aojn-xWT_9XDvTRro84HytOIde61BEkA67lLDJSUa3Fo_8E7_DB0=\">Click here to read the full report<\/a><\/p>\n\n\n\n<p>&#8212;<\/p>\n\n\n\n<p>Originally Published on October 13, 2021<\/p>\n\n\n\n<p>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. See important disclaimer at the end of this document.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lyxor Asset Management assesses how hedge funds navigated increasingly challenging markets and discuss how they are currently positioned.<\/p>\n","protected":false},"author":186,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4,21,5,15,17,18,6,8,9,22,26,3],"tags":[2733],"contributors-categories":[13724],"class_list":{"0":"post-107904","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-asia","7":"category-commodities","8":"category-europe-middle-east-africa","9":"category-fixed-income","10":"category-futures","11":"category-macro","12":"category-north-america","13":"category-region","14":"category-securities","15":"category-stocks","16":"category-text-articles","17":"category-traders-insight","18":"tag-hedge-funds","19":"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 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