Estrategias de trading de productos estructurados
In both the US and euro markets, positive drivers such as a growth-friendly Trump presidency and sizeable purchases by the European Central Bank are balanced by negatives US valuations are rich and the credit cycle has matured while political risks will remain high in Europe. The opportunity set for diversified Global Macro funds looks to estrategias de trading de productos estructurados improved in the wake of the US elections. Go to content Go to menu Go to search.
In summary, Event Driven managers should do better in Investment strategy Key economic issues. They have been hit by a number of factors:
The opportunity set for diversified Global Macro funds looks to have improved in the wake of the US elections. They have been hit by a number of factors: In recent months, the correlations between different Credit sectors have risen, suggesting that certain macro drivers — such as global growth fears, or the slump in oil prices — are key focal estrategias de trading de productos estructurados for traders.
As a result, managers have scaled back their exposure to markets, with the notable exception of a consensus long USD position. Central bank asset purchase programmes have led to a hunt for yield in the various segments of the Credit market. Prospective investors should be aware that they are exposed to the credit risk of the product issuer throughout the term of the investment product and that if the product issuer were to default, for example by becoming insolvent or failing to pay the redemption amount on the maturity date, then investors may receive nothing back, or an amount that is less than their initial estrategias de trading de productos estructurados. The most promising area appears to be for managers who focus on emerging markets, where correlations are lower, as are valuations.
In summary, Event Driven managers should do better estrategias de trading de productos estructurados Within the Event Driven category therefore, we continue to prefer Merger Arbitrage. There is also rising hope that deregulation in areas such as Financials and Healthcare will encourage a new wave of corporate activity, providing new opportunities in Special Situations. Some diversified Credit fund managers have begun to hike exposure to this area.
Diversified Global Macro funds have tended to struggle in the choppy market conditions in place since late The former are well- positioned to capture market movements, but we continue to prefer managers estrategias de trading de productos estructurados a more tactical approach, given the numerous political risks in the calendar. Credit instruments still offer an attractive yield pick-up known as carry over government bonds.
In addition, they can represent a good independent source of returns in terms of portfolio construction. In addition, the premiums available between share prices of acquirers and their targets have increased, meaning that each deal is potentially more profitable for arbitrageurs. Valuations have risen, reducing the number of potential bargains.
This means that Distressed Debt managers still find it difficult to deploy much capital at this stage in the cycle. They have been hit by a number of factors:. Although, by and large, managers have managed to avoid sharp losses, they have found it difficult to cope with the distortions brought about by current monetary policy settings.
Investment strategy Key economic issues. We expect the next year to yield some strong thematic shifts between the US, Europe and the emerging world. Diversified Global Macro funds have tended to struggle in the choppy market conditions in place since late
However, such managers provide an excellent source of uncorrelated returns when compared with other hedge fund strategies or with traditional asset classes. However, it should be noted that there is a high concentration of deals in healthcare, which does introduce a measure of political risk given the focus on drug prices and healthcare spending in the US presidential campaign. In summary, Event Driven managers should do better in estrategias de trading de productos estructurados