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Alternative Market Briefing

Hedge fund performance turns positive

Friday, July 11, 2014

Bailey McCann, Opalesque New York:

After two months of losses, hedge funds achieved gains in all strategies in May with the median fund increasing 1.01% for the month, according to the latest hedge fund monitor data from Deutsche Bank. Globally, emerging markets equity funds led the recovery gaining 1.80%; however, distressed and credit strategies continue to lead year-to-date gains at 5.74% and 4.35%, respectively. In the US, CTA / managed futures continue to recover, up 1.42% in May. In Asia, macro continues to deliver, up 2.23% for May and 1.21% year-to-date. European performance continues to be led by credit and event strategies, both up over 3% for the year. Global dispersion of returns was highest for CTA / managed futures, emerging markets equity and macro strategies.

The MSCI World 30-day volatility decreased by 38.11% over the month, ending at 5.52 on 27 May 2014. Both gross and net fundamental equity exposure also decreased last month ending at 2.64 (-2.26%) and 0.70 (-2.00%) respectively.

Though M&A was less noteworthy than previous months, convertible bond deals in Europe picked-up totaling €1.48 billion in May. In the US, short sellers focused on biotech firms Medivation and Pharmacyclics. The sales tax increase in Japan resulted in record high inflation and a decline in sales that garnered short interest for the retail sector. In China, banks experienced the largest quarterly increase in bad loans since 2005 bringing attention to Minsheng Bank and ......................

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