Industry Updates

Greenwich Global Hedge Fund Index down 1.30% in June, +0.40% YTD

Monday, July 11, 2011

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Opalesque Industry Update - Hedge funds as measured by the Greenwich Global Hedge Fund Index (“GGHFI”) navigated volatile markets to finish the month with a slight loss. The GGHFI shed 1.32% compared to global equity returns in the S&P 500 Total Return (-1.67%), MSCI World Equity (-1.73%), and FTSE 100 (-0.74%) equity indices. 28% of constituent funds in the GGHFI ended the month with gains.

Hedge Fund Strategy Highlights

Short-Biased and Fixed Income Arbitrage Funds post positive results for the month
Long-Short Equity managers decline 1.06%, less than equity benchmarks
Managed Futures funds slide 2.39% on intra-month selloff in equities and commodities
Long-Short Credit and Fixed Income Arbitrage funds lead hedge funds on year-to-date basis, up 4.62% and 4.12%, respectively
Emerging market funds decline marginally more than Developed Market managers; US/Canada funds are clear winners for the year, up nearly 3%

Greenwich Hedge Fund Index Performance at a Glance
	Jun11	YTD

Greenwich Strategy Group Indices
Greenwich Global Hedge Fund Index	-1.30%	0.40%
Market Neutral Group	-0.80%	1.70%
Equity Market Neutral	-0.90%	-0.10%
Event-Driven	-1.20%	2.40%
Distressed Securities	-0.60%	3.20%
Merger Arbitrage	-0.10%	2.60%
Special Situations	-2.10%	1.40%
Arbitrage	-0.30%	1.50%
Convertible Arbitrage	-0.70%	2.00%
Fixed Income Arbitrage	0.10%	4.10%
Other Arbitrage	-1.20%	-2.10%
Long/Short Equity Group	-1.10%	1.10%
Growth	-1.50%	1.20%
Opportunistic	-1.00%	0.50%
Short-Biased	3.70%	0.10%
Value	-1.00%	1.30%
Directional Trading Group	-2.00%	-2.60%
Futures	-2.40%	-3.20%
Macro	-1.10%	-1.30%
Specialty Strategies Group	-1.20%	1.60%
Long/Short Credit	-0.30%	4.60%
Multi-Strategy	-1.70%	-0.30%


Greenwich Regional Indices
Developed Markets Composite Index	-1.30%	0.70%
Global	-1.70%	-0.80%
Asia	-0.20%	-0.80%
Europe	-1.00%	-0.20%
Americas	-0.90%	2.90%
Emerging Markets Composite Index	-1.40%	-1.00%
Global	-1.30%	1.00%
Asia	-1.70%	-2.70%
Europe	-1.40%	-0.30%
Americas	-0.90%	0.10%


Comparative Benchmarks
Barclays Aggregate Bond Index	-0.30%	2.70%
S&P 500	-1.70%	6.00%
MSCI World Equity Index	-1.70%	4.00%
FTSE 100	-0.70%	0.80%