Hedge fund of the year: CQS

Pat Trew

Back in March 2012, the credit derivatives research team at London-based hedge fund CQS noticed something odd. The ninth series of Markit’s CDX North American Investment Grade index (IG 9), which references 121 corporates, was far cheaper than it should have been relative to the underlying cash bonds, given that around 30 of the constituents in the off-the-run index had been downgraded to sub-investment grade.

CQS was looking for a cheap hedge, so bought credit default swap (CDS) protection

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Risk.net? View our subscription options

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here