“Put into perspective” – the monthly newsletter of Skenderbeg Investment Management

Q1 hedge fund letters, conference, scoops etc

“If you’re short vol, you make money… but eventually die. But if you’re long vol, you die before you make money.” – Nomura

Hedge Funds

Gross and net leverage are -1.9% and -5.7% below their respective trailing twelve-month averages

Goldman Sachs

Performance gap narrowed between fundamental and systematic L/S funds month-to-date

Goldman Sachs

1Q19 performance is a mirror image of 4Q18

Credit Suisse

Upside/downside capture ratios (as percent of MSCI AC World)

Credit Suisse

Average fees paid to managers (2018)

JP Morgan

Respondents of JP Morgan’s “Institutional Investor Survey” who have negotiated or will negotiate fees

JP Morgan

Fee structures used (2018)

JP Morgan

Minimum fund AuM requirements

Deutsche Bank

Total number of direct single hedge fund managers per portfolio

Deutsche Bank

Markets

Rise in credit metrics so far is quite modest relative to previous stimulus episodes

Oxford Economics (via WSJ’s Daily Shot)

Greater China’s new economy is moving at astonishing speed

Bain & Company

Economists are converging with the market on the Fed’s rate path

Arbor Data Science (via WSJ’s Daily Shot)

Countries with negative interest rates have more cash in circulation

Deutsche Bank Research

SocGen says this is the best predictor of S&P 500’s volatility over the past half-century

SG Cross Asset Research (via MarketWatch)

Advanced economies’ central banks have shifted into neutral

Arbor Data Science (via WSJ’s Daily Shot)

Supply and demand dynamics for gold (including sources of demand)

Credit Suisse (via WSJ’s Daily Shot)

Average number of FOMC dissents per meeting

BofA Merrill Lynch (via WSJ’s Daily Shot)

Over the last 35 years each Fed-on-hold period led to lower rates

Piper Jaffray (via WSJ’s Daily Shot)

NYC minimum wage hike to USD 15 an hour is causing pain for many of the city’s restaurants?

American Enterprise Institute

Hybrid hysteria: China’s hybrid debt market is booming

The Wall Street Journal

See the full article below.