L/S Equity managers have decently navigated these markets, generating small positive alpha (especially on their short positions) but their implicit stance is diverging across regions. U.S. managers detracted only marginal alpha. They maintained their modest overall exposures throughout September and further reduced them early October, keeping limited factor tilts.

According to Eric Dubos, CFO and member of the MACSF COMEX, with negative rates on a good part of the yield curve, the search for yield pushes investors to extend the duration of portfolios ...