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Alternative Market Briefing

Event driven strategies outperform over the first half of 2014

Friday, July 11, 2014

Bailey McCann, Opalesque New York:

Event driven strategies, driven by the success of activists outperformed within the hedge fund cohort for the month of June, Q2, and the first half of 2014 according to the latest hedge fund performance data from eVestment. Overall hedge fund performance was also positive for June, marking the second consecutive month. The industry returned 1.14% in June, 1.89% in Q2 and ended the first half up 3.08%, on pace for an annualized return of 6.26% for the year, lagging 2013 and 2012.

Activist hedge funds posted large gains in June, an average of 3.51%, making the group the best performing strategy in both Q2 and H1 2014. Event driven funds are on pace to return over 12% for a second straight year. Distressed funds followed close behind posting returns of 1.07% for June.

Long/short equity strategies posted positive returns in June, Q2 and H1, but are generally lagging other major segments of the industry in 2014. Credit funds posted their tenth consecutive positive month in June, returning 0.69%, and are the second best performing primary market-focus behind volatility strategies. The continued decline in longer-term UST yields continues to be a positive for the universe, which is on pace to outperform 2013 gains.

Macro strategies were positive for the second consecutive month, but H1 returns put them at the bottom of the industry in terms of major strategies, below managed futures funds.

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