HONG KONG : Trend-following hedge funds reversed their bearish views on Japanese stocks and started buying them late last week, J.P.Morgan analysts said in a note.Such hedge funds, known as commodity trading advisers or CTAs, use algorithms to profit from market trends.
HONG KONG : Trend-following hedge funds reversed their bearish views on Japanese stocks and started buying them late last week, J.P.Morgan analysts said in a note.
The shift was faster than the brokerage had previously anticipated. J.P.Morgan analysts had expected CTAs to take a wait-and-see approach if the Nikkei share index temporarily recovered to above 35,000 after the early-August rout. A systematic trading strategy uses strict rules rather than a speculator's gut feeling, and sometimes includes coding and algorithms, to guide trading and investment decisions.
The SG Trend index, which tracks the daily rate of return for a pool of CTAs, has fallen 4.4 per cent in the first 15 days of this month.
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