Possíveis implicações para a indústria de hedge funds, segundo a Institutional Investor:
What Lies Ahead For HF Industry
Source: Hedge Fund Daily
With the summer of hedge fund discontent coming to a close, The Wall Street Journal has looked into its crystal ball to see what lies ahead for the battered industry. One does not need to be a fortune teller to surmise there has been substantial pain and suffering, but less clear are the new contours that will shape the industry in the short term. Simply put, according to The WSJ, volatility will be hot, big names and activist funds will not. The paper reports that hedge funds such as Titan Capital Group will see colossal results from its bets on rising volatility. Returns at the hedge fund rose 10% in the past three months, says The WSJ, citing a source close to the firm, as investors are expressing growing interest. In addition, distressed-debt specialists such as Eton Park Capital Management and Citadel Investment Management, are likely winners, as hedge funds in this area, The WSJ reports, “could see the best opportunities in years,” though junk-bond traders says it’s not bargain-basement time yet. Other trends to look for:
--Asia-focused and emerging-market funds could replace the object of investors’ affections as U.S. and European markets continue to be disappointing. One success in that arena: the GLG Emerging Markets Fund, up 9% in July and 24% year to date,
--Quantitative hedge funds, after blistering criticism for their ability to rise above market problems, will make a comeback. The turnaround is already happening, notes The WSJ, as two of Jim Simons’ Renaissance Technologies turned early August losses to positive growth by the end of the month.
--The failures of big-name funds will likely prompt investors to look for outstanding performance elsewhere, such as successful, smaller hedge funds. Funds of hedge funds, which also suffered in August, says The WSJ, could continue to struggle as their performance could make diversification not as attractive, especially as the top performing hedge funds offer a wide range of strategies anyway.
--Only activist hedge funds with expertise in turnarounds are likely to flourish.
No comments:
Post a Comment