Hedge Fund Monthly Update (UBS)

December 2014

KEYWORDS:

Authors:

UBS

Organizations:
  • UBS

Summary:

This month’s highlights include:
– Average hedge fund +1.9% in Nov +4.2% YTD.
– UBS Long Book in Nov: delevering in Japanese Energy; not in US or European Energy.
– UBS Short Book in Nov: Health Care +18%; Energy +9% on deal activity.
– Crude Oil -18% in November, provides notable gains for CTAs (+5.2%).
– Japan reflation trade worked last month: USDJPY +5.6%; Nikkei +6.4%.
– Yields continue their descent: hedges funds book further gains from long fixed income.
– Global M&A volume: +16% month over month; +75% year over year.