Many see commodities as undervalued and aim to avoid stocks
Having weathered a dire 2022, many global hedge fund managers are preparing this year for persistent inflation and seeking exposure to commodities and bonds that perform well in such an environment.
“Equity markets seem to be pricing in what I would call the impossible trinity ... that we’re going to have lower rates, we’re going to have disinflation and earnings are going to remain resilient,” Jordan Brooks, co-head of macro strategy at the $143 billion AQR Capital Management, told a conference last month.
“Commodities will start to rise again. They’ve sold off very heavily and are below operating costs in many instances,” Odey told Reuters. Macro hedge funds led the industry performance through November, according to financial data firm HFR, up roughly 8%. Danielle Pizzo, chief strategy officer at Schonfeld Strategic Advisors, which manages allocation to multiple strategies, also aims to focus more on investment grade and high-yield bonds this year as well as commodities.
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