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Bailey McCann, Opalesque New York: Last month, hedge fund investors pulled $20.7 billion from hedge funds, one of the largest drawdowns in years. But that may have been premature as hedge funds saw performance rebound in July, with aggregate performance hitting +1.89% in July and +3.29% year-to-date, according to the just-released July 2016 eVestment Hedge Fund Performance Report.
Hedge funds have been under the gun over recent months as a result of tepid performance. Investors in a handful of strategies including activists and distressed have seen more consistent gains, but the rebound in July was more widespread.
In 2016, event driven funds have had more money removed than any strategy following less than stellar returns in 2015. But for investors who remained, or those who focused on smaller managers, 2016 has been a much better year, with the broad event driven universe gaining an average of +1.96% in July and +3.84% YTD. Funds with under $1bb in AUM are at +4.57% YTD.
Activist strategies as a group, minus a few high-profile funds have also had a good year. Activist strategies were at +3.82% in July and with YTD returns averaging +5.04%, are among industry leaders in 2016.
Distressed hedge funds also produced another strong month in July, returning +2.89%, which brings YTD returns to +6.26%, the highest among any primary strategy.
Managed futures funds followed up their eventful and exceptional post-BREXIT performance in June with mixed, but posi...................... To view our full article Click here
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