Hedge funds lose ground as trusts join TSX
24th Dec 2005, 07:46 GMT
The hedge funds got trimmed late yesterday, when many income trusts were hit by an unexpected drop in price as the sector joined the SandP/TSX composite index. For weeks, Bay Street professional traders have been loading up on trusts, anticipating selling into the demand from passive investors such as index funds late yesterday, when 72 trusts joined the Canadian equity benchmark in a widely advertised shift in index membership. Industry experts estimated the hedge funds held $500-million of trusts heading into yesterday's trading, and projected potential demand from passive investors would run to $1.5-billion. (INSIDER Edition subscribers only)
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