Lyxor - Expert Opinion: Receding Systemic Risks, but Cautious Risk Appetite

Highlights:
>> The Lyxor Hedge Fund Index was up +1.3% in July. 
>> A macro month with markets left in the passenger seat driven by highly speculative catalysts.
>> L/S Equity funds were strongly up overall, except for Asian funds. 
>> Event Driven funds returns lagged. Merger Arbitrage underperformed Special Situation funds.  
>> Quite an honorable performance from the L/S Credit Arbitrage funds. 
>> CTAs outperformed in July thriving on commodities.  
>> Global Macro funds performed well in constrained markets.