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Hedge funds investing in Eastern Europe face worst results in eight years

Friday, September 16, 2022
Hedge funds investing in Eastern Europe face worst results in eight years © Reuters. FILE PHOTO: A skyline of skyscrapers is reflected in the Vistula river in the evening in Warsaw, Poland August 22, 2022. REUTERS/Kacper Pempel

By Nell Mackenzie

(Reuters) - Hedge funds trading Eastern European stocks and bonds are seeing their worst performance in eight years, weakened by the surge of global inflation, the strength of the U.S. dollar and the war in Ukraine, the BarclayHedge Eastern European index shows.

The index, which tracks the performance of hedge funds trading stocks and bonds in the region, has dropped by 22.65% from the start of 2022 to the end of August, the index compiled by the data provider BarclayHedge shows.

This puts it on track for its worst performance since 2014.

Another index by the same data provider, which follows fund managers trading only stocks in Eastern Europe, is down even further, by almost 32% over the same time period.

An MSCI EM Eastern Europe ex-Russia index that trades in euros is down just over 30% year-to-date, underperforming wider emerging market equities as well as global stocks benchmarks. The MSCI International EM Price Index is down 22% and the MSCI All Country World Price Index is down 20%.

The dollar's surge to 20-year highs in the face of soaring inflation and aggressive rate hikes from the Federal Reserve have caused pain across the world. It draws funds back to U.S. assets and pushes up the cost of imports as local currencies weaken against the dollar.

"There’s a difficult combination of factors occurring in that part of the world right now," said Ben Crawford, vice president of research at BarclayHedge. "The smallest threat that the war might cross into the other Baltic states makes investors nervous to take on exposure to these markets."

Since the outbreak of war in Ukraine, the number of funds BarclayHedge tracks in the region has fallen to just 15 from 43 since the start of the year, the data provider said.

One portfolio manager at a fund with over $100 billion under management said the stock prices of companies in Eastern Europe stood no chance against the rise in the dollar.

Stock prices tumbled across Europe on Wednesday after higher-than-expected U.S. inflation this week foreshadowed another significant rate hike by the Federal Reserve.

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04-10-2022 13:43:44 (UTC+7)

EUR/USD

0.9866

+0.0043 (+0.43%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (9)

Sell (1)

EUR/USD

0.9866

+0.0043 (+0.43%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (9)

Sell (1)

GBP/USD

1.1371

+0.0049 (+0.43%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

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USD/JPY

144.71

+0.17 (+0.12%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

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AUD/USD

0.6538

+0.0022 (+0.34%)

Summary

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Moving Avg:

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Indicators:

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USD/CAD

1.3579

-0.0043 (-0.31%)

Summary

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Moving Avg:

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EUR/JPY

142.78

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EUR/CHF

0.9772

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Gold Futures

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Silver Futures

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Crude Oil WTI Futures

84.02

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US Coffee C Futures

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Euro Stoxx 50

3,342.17

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17,079.51

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1,709.05

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47.95

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Adidas AG

119.00

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Deutsche Lufthansa AG

5.716

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100.92

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7.630

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 EUR/USD0.9866↑ Buy
 GBP/USD1.1371↑ Buy
 USD/JPY144.71↑ Sell
 AUD/USD0.6538↑ Buy
 USD/CAD1.3579↑ Sell
 EUR/JPY142.78Buy
 EUR/CHF0.9772↑ Buy
 Gold1,713.15↑ Buy
 Silver21.065↑ Buy
 Copper3.4722↑ Buy
 Crude Oil WTI84.02↑ Buy
 Brent Oil89.40↑ Buy
 Natural Gas6.482↑ Buy
 US Coffee C215.55↑ Sell
 Euro Stoxx 503,342.17↑ Sell
 S&P 5003,678.43↑ Sell
 DAX12,209.48Neutral
 FTSE 1006,908.76Neutral
 Hang Seng17,079.51↑ Buy
 Small Cap 20001,709.05Buy
 IBEX 357,462.00↑ Buy
 BASF40.940↑ Sell
 Bayer47.95Sell
 Allianz161.54Neutral
 Adidas119.00↑ Buy
 Lufthansa5.716Sell
 Siemens AG100.92↑ Sell
 Deutsche Bank AG7.630↑ Sell
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Cập nhật lúc 12:23:29 04/10/2022
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