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Was The Catalyst Fund Really The Catalyst?

Monday, February 20, 2017 12:01
% of readers think this story is Fact. Add your two cents. / by Brean Capital’s Peter Tchir via / Feb 20, 2017 11:30 AM

There was a lot of discussion last week about how the $ 3.5 billion Catalyst Hedged Futures Strategy Fund (ticker: HFXAX) was running the entire stock market.

To be frank it is disturbing to me that a fund of this size could be viewed as the key market driver for even a few days, but the chatter was so prevalent that I felt the need to explore it a bit further.

Since it is a mutual fund, as opposed to an ETF, the latest positioning data is not helpful in dissecting what is possible but it does verify that the fund’s policy: buy at the money options and funding those purchases by selling even more out of the money options (this is a simplified view of the fund strategy but close enough for examining whether it could have impacted markets).


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