Hedge Fund Monthly Update (UBS)

Ocotber 2014

KEYWORDS:

Authors:

UBS

Organizations:
  • UBS

Summary:

This month’s highlights include:
– Average hedge fund -0.3% in Oct, +2.5% YTD.
– Equity Long Short +0.1% in Oct, +2.2% YTD (Equity YTD perf hurt by sector tilts).
– UBS Long Book: European Health Care -25% (SHP); Global Energy -6%; signs of delevering.
– UBS Short Book: US Health Care -22% (ABBV); Utilities -9% on short covering.
– Bond rally: good for CTAs (+2.0%); less so for Global Macro as shorts get cleaned out (-0.3%).
– Japan reflation trade back in focus.