Weekly round - up.
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Long-short equity hedge funds de-risking portfolios
Portfolio managers of US equity long-short hedge funds are reducing their reliance on directional bets. A new report from Reuters reveals that the impact of fluctuations in the S&P 500 on their profitability has now reached its lowest point in six years.
The report, referencing data from hedge fund research firm PivotalPath, indicates that hedge funds are progressively embracing a more cautious approach. This shift comes in response to growing concerns about the macroeconomic landscape, which has made it more challenging to engage in directional stock market speculation.
Hedge fund Caxton wins on bond rout to claw back performance losses
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Andrew Law, a prominent hedge fund manager, has seen his $12.5 billion firm, Caxton Associates, recover a substantial portion of the losses it incurred earlier this year. This resurgence is attributed to successful wagers on bond market downturns, as reported by three sources familiar with the situation.
Caxton Global Investments, the $8.6 billion fund managed by Caxton Associates, a discreet hedge fund that leverages macroeconomic events for profitable trading, concluded October with a positive monthly performance of approximately 2%, as mentioned by two insiders according to Reuters.
Hedge Funds Cut Bullish Bets on US Oil by Most in Over Two Years
Hedge funds significantly reduced their positions on U.S. crude oil, marking the most substantial reduction since July 2021, as concerns about demand resurfaced however the report states that the conflict between Israel and Hamas did not impact crude supplies.
According to weekly data from the Bloomberg, Commodity Futures Trading Commission (CFTC) on futures and options, net long positions for West Texas Intermediate dropped by 60,795 contracts to reach 153,474 in the week ending on October 31. This represented the least bullish stance in 16 weeks. Speculators also trimmed their bullish positions on ICE Brent by 16,413 net-long contracts, reaching the lowest level in three weeks.