The overall performance was affected by a negative long/short spread, despite positive alpha generation.
Short-term strategies underperformed compared to long-term and medium-term models, with macroeconomic factors dominating the market landscape.
China, short interest, and profitability were significant contributors to alpha, although gains were offset by losses from volatility and crowded short positions.
Discretionary trading strategies, particularly in developed market macro funds, reported positive outcomes.
Receiver trades and curve steepening exposures were the main drivers of gains, while equity performance was mixed.
In commodities, long positions in metals added value, but long oil exposure underperformed.
The trading landscape reflected a complex interplay of factors, with managers navigating a challenging yet opportunistic environment.