“Put into perspective” – the monthly newsletter of Skenderbeg Investment Management
Q1 hedge fund letters, conference, scoops etc
“If you’re short vol, you make money… but eventually die. But if you’re long vol, you die before you make money.” – Nomura
Hedge Funds
Gross and net leverage are -1.9% and -5.7% below their respective trailing twelve-month averages
Goldman Sachs
Performance gap narrowed between fundamental and systematic L/S funds month-to-date
Goldman Sachs
1Q19 performance is a mirror image of 4Q18
Credit Suisse
Upside/downside capture ratios (as percent of MSCI AC World)
Credit Suisse
Average fees paid to managers (2018)
JP Morgan
Respondents of JP Morgan’s “Institutional Investor Survey” who have negotiated or will negotiate fees
JP Morgan
Fee structures used (2018)
JP Morgan
Minimum fund AuM requirements
Deutsche Bank
Total number of direct single hedge fund managers per portfolio
Deutsche Bank
Markets
Rise in credit metrics so far is quite modest relative to previous stimulus episodes
Oxford Economics (via WSJ’s Daily Shot)
Greater China’s new economy is moving at astonishing speed
Bain & Company
Economists are converging with the market on the Fed’s rate path
Arbor Data Science (via WSJ’s Daily Shot)
Countries with negative interest rates have more cash in circulation
Deutsche Bank Research
SocGen says this is the best predictor of S&P 500’s volatility over the past half-century
SG Cross Asset Research (via MarketWatch)
Advanced economies’ central banks have shifted into neutral
Arbor Data Science (via WSJ’s Daily Shot)
Supply and demand dynamics for gold (including sources of demand)
Credit Suisse (via WSJ’s Daily Shot)
Average number of FOMC dissents per meeting
BofA Merrill Lynch (via WSJ’s Daily Shot)
Over the last 35 years each Fed-on-hold period led to lower rates
Piper Jaffray (via WSJ’s Daily Shot)
NYC minimum wage hike to USD 15 an hour is causing pain for many of the city’s restaurants?
American Enterprise Institute
Hybrid hysteria: China’s hybrid debt market is booming
The Wall Street Journal
See the full article below.
