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Alternative Market Briefing

Hedge funds post gains in May on back of interest rate increase, Brexit

Friday, June 03, 2016

Komfie Manalo, Opalesque Asia:

Hedge funds posted gains in May on the back of interest rates increase by the Feds and the impending Brexit referendum as the HFRX Market Directional Index gained +1.46% (-0.14% YTD), while the HFRX Global Hedge Fund Index gained +0.46% for the period (-1.02% YTD), data provider Hedge Fund Research reported.

In its monthly report, HRF said that the global financial markets posted mixed performance for May as investors discounted near term interest rate increases by the U.S. Federal Reserve, as well as a close outcome of the upcoming British referendum on EU Membership across equity, fixed income, commodity and currency markets.

The report stated, "U.S. equity markets gained led by technology, small cap, biotech, energy and healthcare; European gains led by Germany and France were partially offset by declines in Italy while Asian equities were also mixed. The U.S. dollar posted strong gains in anticipation of higher U.S. rates in the near term, advancing against the euro, Japanese yen, Swiss franc, Brazilian real and Mexican peso. U.S. short term treasury rates also rose as the yield curve flattened, with yields on longer dated maturities posting a modest decline. Commodities were also mixed with gains in oil, sugar and soybeans offset by decline in metals including gold, platinum and silver."......................

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