HFs long on energy and commodities: SocGen |
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January 17, 2008 |
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According to a new research from Societe Generale Cross Asset Research,
hedge funds have been selling equities, and buying energy and
commodities. The funds are particularly long on gold and oil and have
reopened longs on soft commodities. The research note, indicates that
hedge funds have been strong net sellers of equity markets since the
start of the liquidity crisis in July last year.
Expecting substantial rate cuts, notably by the US Fed, the hedge funds
seem to be closing down the short positions, remaining less negative on
US equities than on small caps or Japanese equities. At the start of the
year, the funds turned net sellers of sterling for the first time in a
year, remaining long on the euro and yen against the US dollar.
Foreseeing more aggressive cuts from the Fed, hedge funds have cut their
long positions on bonds. |
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