(Hedgeweek) The selloff in October was difficult to navigate for hedge funds, but there were substantial divergences across strategies, according to the latest Weekly Brief from Lyxor’s Cross Asset Research team. Lyxor writes: “L/S Equity and Event-Driven strategies underperformed due to their elevated market beta. L/S Equity strategies also suffered due to the rotation in risk factors which saw growth/momentum stocks underperform value and low beta stocks. Within Event-Driven, Special Situations strategies were particularly hurt but Merger Arbitrage managers were highly resilient.
Hedge Funds Struggled in October but there was Huge Differences Between and Within Strategies
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