Hedge funds are cashing in some of their chips after enjoying a bumper first quarter, wary that a sudden change in market sentiment could see them take the sort of losses suffered in last year's volatile markets, according to Reuters.
Hedge funds returned 5 percent in the first two months of the year, the best start to a calendar year since 2000 according to Hedge Fund Research, as the European Central Bank's 1 trillion euro ($1.3 trillion) ca s h injection boosted assets across the board.
Some star names recorded huge gains. Crispin Odey's Odey European fund gained 21.1 percent and Johnny de la Hey's Tosca fund rose 13.7 percent to mid-March, while Michael Hintze's $1.4 billion CQS Directional Opportunities fund was up 13.9 percent to end-February.
Many managers remain positive on markets, but in a number of cases have opted to trim their bets, influenced by sharp volatility last year during the euro zone debt crisis that saw the average fund lose 5.3 percent and some more bullish funds take much bigger losses…
Find out more at http://www.reuters.com/article/2012/03/27/hedgefunds-markets-idUSL5E8EG34H20120327
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