Article metadata

09 August 2022       Albourne

Article section

Open Protocol data provides a window into how managers across the Hedge Fund strategies have responded to the macro-economic and geopolitical turbulence that has characterized 2022. Below, we have highlighted some key insights from the latest strategy-level data. If you want more information on these, or for other insights, please contact your Client Account Manager or Portfolio Analyst.

Directional strategies have seen their net long exposure to equities significantly reduced. CTAs have stepped into June with a flat net exposure, while Global Asset Allocation and Global Macro, have – in aggregate – shifted to an overall net short positioning in the asset class. All three strategies have been keeping sizeable shorts in sovereign interest rates (SIR) throughout 2022.  

Source: Albourne

Equity Long / Short strategies have also been reducing their net long exposure to equities. Overall net long exposure across strategies has moved to multi-year lows. Open Protocol data is also showing that US Long / Short managers, are building short positions in heavily impacted sectors such as Consumer Discretionary, and Real Estate.

Source: Albourne