21st Feb 2020 – 2:03pm Not going viral… Hedge fund managers maintain discipline despite market jitters over coronavirus Submitted By James Williams | 21/02/2020 – 2:03pm Equity markets have merely sneezed in response to the coronavirus (Covid-19) and while there is uncertainty over how much fear has been priced in, as infection numbers continue to rise, hedge funds have navigated developments with discipline and a most reduction in net long exposure. For now, rather than try to react to short-term moves, managers are taking a prosaic stance. The first reported case of Covid-19 in Wuhan broke on 31 December 2019. Over the days the numbers grew and the markets reacted with trepidation but it was nothing more than a sneeze. No sooner had the Dow Jones Industrial Average fallen through the second half of January, it had fully rebounded through mid-February. There is no denying that China’s Q1 GDP figures will be hit hard by this outbreak. This is already having an impact on shipping, with the Telegraph reporting today that Europe faces “a logistical crunch” in early March.