Research from Lyxor Managed Account Platform


CTAs Outperform as Commodities Slump

Hedge funds are on track to deliver solid returns in July, up 1.4% month to date (0.4% last
week). In line with our overweight recommendation, CTAs and Global Macro managers
outperformed other hedge fund strategies. Meanwhile, Event-Driven managers
underperformed both last week and on a month-to-date basis, in line with our downgrade of
the strategy from overweight to neutral early June. The event-driven strategy was negatively
impacted recently due to its exposure to gold and energy related stocks. Asian event-driven
managers have, on the contrary, delivered solid returns for a second week in a row, and
contributed partly to compensate losses.

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