Commodity trading advisers – funds that try to profit by buying or selling when there is a clear direction in markets – slumped 4.3% in the three days to Monday, according to analysis from UBS
Trend-following hedge funds have been badly wrong-footed in a week of wild gyrations in the bond market and are selling stocks to make up for souring bets on higher interest rates, banks say.
JPMorgan analysts said in a note CTAs lost around 7 per cent from March 8 to March 13, due to short positions in government bond futures and the yen, as well as long positions in equities. “As a response, CTAs have significantly reduced their long positions in equities, selling $25-$30-billion worth of stocks since the announcement of the SVB collapse.”
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