Hedge funds' year in review

Event driven strategies disappointed in 2014, while trend-followers thrived

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Anthony Lawler, head of portfolio management for GAM's Alternative Investments Solutions

At the start of 2014, the outlook for event driven equities showed promise. Corporate cash levels were at all-time highs, economic growth rates were positive but low, credit markets were open to new issuance, and central bank policy expectations remained highly accommodative. This favourable environment encouraged corporate activity, providing management teams with more confidence both to engage in acquisiti