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| BondsOnline.com: instant access to and extensive coverage of over 3.5 million stocks, bonds, indexes and other securities covering major and emerging markets and exchanges across the globe. |
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| Bonds Online |
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| 5/10/2013Market Performance |
| Municipal Bonds |
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S&P National Bond Index
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3.00% |
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S&P California Bond Index
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2.96% |
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S&P New York Bond Index
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3.13% |
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S&P National 0-5 Year Municipal Bond Index
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0.70% |
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| S&P/BGCantor US Treasury Bond |
400.09 |
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| More |
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| Income Equities: |
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| Preferred Stocks |
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S&P U.S. Preferred Stock Index
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848.03 |
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S&P U.S. Preferred Stock Index (CAD)
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636.26 |
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S&P U.S. Preferred Stock Index (TR)
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1,701.05 |
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S&P U.S. Preferred Stock Index (TR) (CAD)
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1,276.26 |
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| REITs |
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S&P REIT Index
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174.07 |
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S&P REIT Index (TR)
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425.30 |
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| MLPs |
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S&P MLP Index
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2,469.58 |
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S&P MLP Index (TR)
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5,428.50 |
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See Data
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Hedge Funds Storm Back Into Treasurys, Corporate Bonds -Study |
By Margot Patrick Of DOW JONES NEWSWIRES
LONDON (Dow Jones)--Hedge funds stormed back into U.S. fixed-income markets this year, research and consulting firm Greenwich Associates said Wednesday, as these strategies outperformed stocks and other participants in the markets retreated.
According to a survey of investors, Greenwich Associates said hedge funds now control about 20% of trading volume in the U.S. government bond market, from just 3% last year though still below a 2007 peak of around 30%. In corporate bonds and credit derivatives, they have a 26% share in trading volume, up from 16% in 2009.
"Hedge funds are quickly regaining some of the clout they lost in U.S. fixed-income markets during the market meltdown," Greenwich Associates said. They said this is particularly the case in products such as structured credit that fell out of favor with many U.S. institutions because of their poor 2008 returns and the role they played in the financial crisis.
About two-thirds of the structured credit market is in the hands of hedge funds, Greenwich Associates estimates, and 90% of distressed debt. Three years ago, it said hedge funds were no longer just an important of the market. By 2007, "they were the market."
The financial crisis forced many fixed-income hedge funds out of business, though, as prices sank on all types of company and credit-linked assets. Some of the most spectacular blow-ups were in credit funds that had specialized in buying tranches of collateralized debt obligations and other complex securities.
Losses on CDOs and other forms of structured credits were also the cause of heavy losses for banks and insurers, making them wary of making further investments.
So far this year, fixed-income hedge strategies have done better than equity hedge funds, index providers say. Hedge fund advisory Hennessee Group LLC's fixed-income index, which mainly covers government bond strategies, was up 5.2% at the end of July, compared with a 1.86% year-to-date return across all hedge-fund strategies.
Hedge Fund Research Inc.'s corporate debt-focused fixed-income corporate index rose 6.04% through the end of July, as its overall hedge-fund index slipped 0.47%.
-By Margot Patrick, Dow Jones Newswires; +44 (0)20 7842 9451; margot.patrick@dowjones.com
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| Stuff to look at |
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S&P Commentary and Newsletters: S&P
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| BondsOnline Advisor |
Income Security Recommendation January 2013 Issue.
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