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’Ahead of the curve on the VIX? (Updated)
If you invest with options, you might find yourself with a long-volatility exposure?
In which case, you might be inclined to offset that risk. One way you could do so — as we understand it — is by shorting or buying puts dynamically on the VXX ETF.
[MoneyTech] The hedge funds are watching us…
Okay, maybe not ‘us’ as in FT Alphaville, but they are watching some other financial blogs.
From Tim Human at the Cross Border Group:
Data firm monitoring influential blog sites Hedge funds are testing out a data feed produced by monitoring a group of financial commentators that includes bloggers.
Hedge funds are starting to use ETFs in Europe
The number of hedge funds and sophisticated investors using exchange traded funds to execute their strategies in Europe rose substantially in the first quarter, industry experts have told FT Alphaville.
The grind higher, dissected
That’s the ‘UBS Flow Sentiment’ indicator, which pulls together six factors (including sector positioning and hedge fund exposure) to show how clients of the Swiss bank feel about the European equity market.
Please stop blaming the hedgies
So, are the denizens of Mayfair responsible for driving the share price of Prudential lower?
Er no.
From Data Explorers:
As you can see there has only been a small increase in the stock outstanding on loan (from 1.32 per cent to 1.43 per cent) since Pru announced plans to buy AIG’s Asian assets for $35.5bn on Monday.
<<"Tres hedge funds con más de 500.000 millones bajo gestión son los responsables del ataque a España">>
Okay, we don’t think this needs to be put through the Google Translator.
Reportedly, Moore Capital, Brevan Howard and Paulson & C0 are behind the “murky maneuvers” that have seen Spanish CDS and bond yields blow out.
Revealed: the EU AIFM draft directive’s limits on hedge fund pay
Herein in full is “annex II” – the last minute principles to heavily regulate European hedge fund managers’ pay appended to the European Union’s draft Alternative Investment Fund Manager directive in the past 48 hours by the Swedish presidency of the EU council.
Hedge funds’ runny liquidity
Here’s your latest asset-liability worry: Hedge funds.
Finance blog Sober Look has an interesting post on the subject which uses a chart from Hedgebay, a provider of a secondary market for investors’ stakes in hedge funds:
The future of hedge funds
We seem to be having some – err, emotional “hedge fund moments” this week.
On the maudlin side, Todd Harrison at MarketWatch recalls his earlier career on Wall Street in a sad dirge to a once-mighty industry:
Goldman’s VIP-list
Nice and timely as ever, Goldman Sachs is out with a list of 50 stock recommendations on Monday based around the names it sees hedge funds currently buying in the US equity space.
Dubbed its ‘VIP list’,
Hedge funds still not quite earning those 2-and-20s
Hedge fund returns are on the up, Reuters reported on Tuesday, citing the latest data from Hedge Fund Research:
Hedge funds posted more gains last month, providing fresh evidence that the $1.4 trillion (840 billion pounds) industry is recovering after last year’s heavy losses and record redemptions.The average hedge fund gained 2.42 percent in July after having inched up 0.13 percent in June,
Evil commodities speculators in the dock
The CFTC hearings into the evil commodity speculators have got under way in Washington. Those testifying on Tuesday include:
Panel One: Jeff Sprecher, Intercontinental Exchange and Terry Duffy,
Lex: Hedge funds
Cash may have been pouring into hedge funds at a faster rate in the past quarter, but the little fish may soon find themselves on the hook…
The hedge fund industry remains shakey and needs to string together a series of quarters of stable returns to soothe investors’ nerves.
UK slams EU hedge fund rules
A draft European Union law that would subject hedge funds to new regulatory controls needs “major surgery” before Britain can support it, Lord Myners, a UK Treasury minister, said on Tuesday. The EU directive would require many hedge funds and private equity firms to register with regulators and disclose more about themselves and their investments.
Fink warns on EU hedge fund rules
Stanley Fink, the former chief executive of Man Group known as the “godfather” of the British hedge fund industry, told the FT that the adoption of tough European restrictions on hedge funds would provoke a transatlantic regulatory war,
Funds piling back into the commodities trade
With risk-appetite returning to the market it appears the trade of last year may back in fashion at funds around the world.
Barclays Capital observe in their latest Commodity Investor letter that fund exposure to commodities has increased sharply over the past few weeks with non-commercial net length in US commodity futures back firmly above 800,000 lots for the first time since July 2008.
‘Fund of funds’ redemptions soar in Q1
Hedge funds may be faring better now than they were in the fourth quarter of 2008, but it seems the general investor backlash against high fees and risky exposure continues to thwart the ‘fund of funds’ part of the industry (what with their double fees etc.)
In its latest findings,
Hedgies off to a good 2009?
Hedge funds may have gotten off to a decent start this January. Via Econompic Data, sourced from Barclays.
You can contrast that to 2008′s overall performance here. That performance was pretty dire,
From light touch to ham fist: the FSA’s new short regime
Rarely does FT Alphaville draw attention back to previous posts so barefacedly, but in honour of the below, we encourage readers to revisit, What is your assessment as to the typical volume of spam received from the FSA per day – a post we really rather enjoyed writing way back in July.
‘Your hedge fund’s name here’
No, not an FT Alphaville advertising ploy (though you should contact us if you’re interested) but the advent of hedge fund registration in the US.
Finalternatives reports:
Less than a week into his administration,
Darling in the dark
A rift has opened up between the government and the financial authorities after a furious Alistair Darling was kept in the dark over the lifting of the ban on short-selling, which may have contributed to this week’s tumultuous crash in the value of banking shares.
Frivolous hedge fund data points of the day
Proving surveys really are useless. Or err, writing about them is.
From Financial News:
Survey finds institutions still value hedge funds
Investments in hedge funds might increase for 25% of institutions in the next five years surveyed while investment in private equity and venture capital funds might increase for 18% of the respondents,
When to prune your hedges
Advice from BBC gardening on looking after your hedge:
Once your hedge is trimmed to the desired shape, water and mulch the plants to keep them in good condition. Occasionally a hedge plant can die or become damaged through disease:
Time to go convertible?
While everyone tries to determine exactly who lost what in the great VW squeeze, it might be useful to refocus attention on one of the great hedge-fund strategies that may have presented shorting VW common stock as a good idea.
[Vancouver Dispatch] From Black Swans to White Eagles
The joke going around Vancouver is that this CFA conference in Vancouver should have been held in Perth – a beautiful city set on the estuary of the River Swan. The swans in questions are, of course, black.
[Vancouver Dispatch] We know what the quants did last summer
What will the quants do next? Judging by presentations at the CFA conference in Vancouver, many think they have worked out what happened to them last August, and believe they have learned the lesson.
The main problems – known well enough by now – as presented by various quants here in Vancouver over the last two days seem to be as follows: