2月のヘッジファンド指数は1.2％＝ヘネッセ

Hedge funds’ losing way didn’t last long, as the average fund posted gains in February. Unfortunately, according to the Hennessee Group, the broader markets did considerably better on the month.
The Hennessee Hedge Fund Index returned 1.2% last month. The Standard & Poor’s 500 Index did better than twice as well, rising 3.1%.
On the other hand, hedge funds are still outperforming stocks in the early going of 2010. The Hennessee Index is up 0.6%; the S&P 500 is down the same amount.

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ゴールドマン・サックスが米証券取引委員会（SEC）への13F書簡をもとに取りまとめた2009年第4・四半期のヘッジファンド487社による株式保有上位50銘柄は以下の通り。

Goldman Sachs aggregated the stock holdings listed in 487 hedge funds' Q4 2009 13f reports to come up with a list of 50 "VIP" List of the most important stocks for hedge funds.

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チリ大地震で銅価格は上昇へ

Copper is likely to climb when trading starts on Monday, lifted by uncertainty over supply after the world's top copper producer Chile was pounded by a massive earthquake, analysts said on Sunday.
The quake forced temporary suspension of up to a fifth of Chile's mining capacity -- estimated at around 4.5 million tonnes of copper in concentrate annually -- after Codelco and Anglo American halted operations at four mines in total.
The government officials said exports would continue unhindered, but analysts expect prices will rise on Monday because of the possible disruption in infrastructure, power and
transportation to the mines.

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元マンのCEOフィンク氏、AHLに対抗するクォンツ・ファンドを設定へ

International Standard Asset Management, the hedge fund firm headed by former Man Group (EMG.L) CEO Stanley Fink, is to launch a computer-driven 'black box' fund to rival Man Group's poorly-performing flagship AHL fund.
The firm is launching the ISAM Systematic fund in April with the help of industry veteran Larry Hite's Hite Capital Management, which has been running computer-driven funds for the past nine years. Hite has a long track record in quantitative investment, having previously set up Mint Investment Management.

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現状での金投資、現物ではなく関連鉱山株が最適＝マイダスの運用担当者

The price of gold will double to more than $2,500 an ounce over the next 10 years. But for now, investing in gold mining stocks make more sense, according to Thomas Winmill, president of Midas Management Corp. and manager of the $120 million Midas Fund
Mr. Winmill, whose fund gained more than 82% last year, has an 80% allocation to the gold-mining sector, and the fund owns just 10 ounces of physical gold.
“Our view right now is that the place to be in gold is invested in the largest, most senior companies that are generating cash, because that's where the margin expansion will be,” he said.
Currently, Mr. Winmill is investing in mining outfits like Newmont Mining Corp. (NEM), Barrick Gold Corp. (ABX), and Kinross Gold Corp. (KGC).

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金価格の見通し

Gold prices may gain as investors seek a hedge against inflation and volatile markets, said Graham Tuckwell, chairman of ETF Securities Ltd.
There’s “a lot of safety in commodities, particularly in gold, as a good hedge against volatile times,” Tuckwell said in an interview with Bloomberg Television. “There’s a substantial upside” for gold “as inflation comes through the system and the whole concept of fiat currencies is questioned.”
Greece’s budget crisis has boosted demand for the precious metal in Europe as an alternative to the falling euro.
ETF Securities said on Feb. 17. its precious metals, energy and agriculture exchange-traded products attracted a net $400 million in the first six weeks of 2010.
Gold held by ETF Securities Ltd. was 8.05 million ounces as of yesterday. Silver held in ETF’s European and Australian exchange-traded products rose to a record 25.985 million ounces on Feb. 22, according to the company’s Web site.
“In the next five to 10 years, the number could get to $3 trillion,” Tuckwell said, referring to the amount of assets in ETFs. “What we’ve seen is a mass of all of the money moving from the mutual money industry or trust industry towards the ETF industry, simply because the products are cheaper and more transparent.”
Tuckwell said he didn’t see a “bubble” in ETFs and expected Asian interest in ETF products to grow over time.

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中国ソブリン・ファンド、米資産の25％程度をETFで運用

China Investment Corporation, the Chinese sovereign wealth fund, is using exchange traded funds to gain exposure to a diverse range of asset classes, according to a filing with the US Securities and Exchange Commission.
The filing, which details the fund's US$9.6bn in US-listed assets, shows CIC has around 25% of this money in ETFs.
CIC has positions in a list of iShares ETFs, comprising the iShares MSCI Japan Index fund, FTSE/Xinhua China 25, MSCI Emerging Markets, MSCI EAFE, Russell 2000, S&P Global Energy Sector and the Global Materials Sector funds.
China's sovereign wealth fund also has positions in gold ETFs through the Market Vectors Gold Miners fund and the SPDR Gold Shares, as well as commodities through the SPDR S&P Oil and Gas Exploration and Production fund.

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初のエジプト運用ETF

Van Eck added to its growing lineup of country-specific ETFs today with the launch of the first Egypt-focused fund for U.S. investors.

The Market Vectors Egypt Index ETF (NYSEArca: EGPT) invests in 28 companies that derive at least 50 percent of their revenues from Egyptian operations.

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中国、第三国を通じて秘密裏に米債を購入している可能性＝専門家

China, a top owner of United States government debt, appears to be secretly buying bonds via third locations to hide its importance as a major creditor to Washington, experts told a congressional forum.
They said China-linked entities may be scooping up U.S. bonds in London, Hong Kong or other locations, pointing out that official data almost certainly understates Beijing's U.S. government debt holdings.
Some say the massive holdings by China have implications for U.S. national security, making it harder for Washington to carry out policies in conflict with Beijing.
The latest figures by the Treasury Department this month showed a drop in China's Treasury bond holdings by US$34.2 billion or 4.3 percent to US$755.4 billion in December, the biggest decline in about a decade.
Simon Johnson, a former IMF chief economist, suggested that China could be behind the big jump in Britain's holdings of U.S. debt to US$300 billion in 2009 from US$130.9 billion a year earlier.
He said he was baffled by the figure as Britain had run a substantial current account deficit last year.
“A great deal of this increase may be due to China placing offshore dollars in London-based banks ― Chinese, UK, or even U.S. ― which then buy U.S. securities,” Johnson told a hearing of the U.S.-China Economic and Security Review Commission, which monitors for Congress the security implications of U.S.-China trade and economic relations.
China may also be purchasing U.S. securities through routes other than Britain, said Johnson, who is now a professor of economics at the Massachusetts Institute of Technology.

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ロジャース氏、”数週間内のポンド崩壊”発言は誤りだが英経済と通貨を問題視

James Rogers, a former business partner of George Soros and a well-known currency investor, denied saying the U.K. pound is on the brink of collapse, but confirmed his negative views on sterling.
A press release sent Thursday ahead of a conference in March at which Rogers is scheduled to speak said the famed investor predicted a collapse of the pound within weeks. Clarifying the confusion, Vince Stanzione, one of the organizers of the London conference, said he wrote the comments attributed to Rogers in the press release. Rogers “is obviously a little bit upset because he’s saying some of these statements are harsher than he would like to say,” Stanzione said.
In a telephone interview from Singapore, Rogers said he will attend the conference for investors in London in March, citing “contractual obligations.” As regards his views on the pound: “I do not think the pound sterling is going to collapse within the next few weeks. I’m on record as saying the U.K. has serious problems, serious debt problems, and the pound sterling has got problems, too,” Rogers said. He emphasized the U.S. and other countries also face serious economic problems.

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