2013 Investor Outlook: SkyBridge's Gayeski bearish on equity and macro funds
By Lawrence Delevingne
Thu Jan 10, 2013
The senior portfolio manager at $6.8 billion fund of funds SkyBridge Capital weighs in.
What hedge fund strategies will do best in 2013? Why?We
believe the best performing hedge fund strategies in 2013 will
continue to be cash flow generative strategies, followed by
catalytic strategies. These strategies include credit sensitive
RMBS, due to strong asset class fundamentals (including the
cheapest correlated valuations and the strength in the housing
market), technicals (diminishing supply and increasing demand),
and relative inefficiency (still relatively little hedge fund
penetration, no prop desk competition, and many long-only
large-mandate-constrained competitors). Additionally, we think
prepayment sensitive RMBS will continue to be the best
non-correlated strategy as the evolution of the housing market,
underwriting standards, the Fed policy and the...
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