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Greenwich Composite Investable Index gained 0.74% in July (-0.79% YTD), indices advance on strong L/S equity performance

Friday, August 27, 2010
Opalesque Industry Update – The Greenwich Composite Investable Index gained 0.74% during July as higher than expected corporate earnings pushed equity markets higher.

7 of 9 Greenwich Investable Indices moved higher on the month, with results mixed across strategies.

The Greenwich Investable Long-Short Equity Index was the best performer for the month, gaining 1.63%. The Greenwich Investable Arbitrage Index posted the second best results, advancing 1.10%.

Laggards on the month were Futures and Equity Market Neutral Managers as those Investable Indices lost 9 and 17 basis points on the month, respectively.

Year-to-date, Fixed Income strategies still lead other Investable Indices, with Event-Driven, Long-Short Credit, and Arbitrage Indices netting returns of 6.13%, 4.02%, and 4.64%, respectively.

“The rally in equities during July caught many market participants off-guard. A large percentage of hedge fund managers had reduced net exposure going into the month in anticipation of weak corporate earnings and a follow-through to June’s sell-off.” noted Clint Binkley, Senior Vice President. "Fixed Income-based strategies continue to perform well and all of the Greenwich Investable Indices are ahead of the MSCI World Equity Index on a year-to-date basis. As markets continue to exhibit increased volatility, hedge funds should continue to outperform.”

Performance table: Source

For more in-depth commentary on hedge fund strategies in July, the Greenwich Hedge Fund Strategy and Market Review is attached.

It is also available at


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