Wed, Nov 22, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Hedge funds post 0.76% gain in July

Friday, August 05, 2011
Opalesque Industry Update - Equity markets extended declines in July as investors exhibited concern with regard to both the extension of the U.S. debt limit and continuing concerns about European sovereign debt risk. US fixed income yields fell and gold posted record gains, while the US dollar traded in a wide range over the month. The HFRI Fund Weighted Composite Index posted a gain of +0.76% for July driven by a strong contribution from Macro trend-following strategies which gained +3.57% for the month.

Reversing the declines of the prior 2 months, the HFRI Macro (Total) Index rose +2.52% for July with gains across most Macro and CTA strategies. The HFRI Macro Systematic Diversified Index gained +3.57% led by trend following gains in fixed income and commodities, including precious metals, oil and agriculturals. Discretionary and multi-strategy managers benefited from commodity gains complemented by advances in fixed income and short US Dollar positioning.

The HFRI Event Driven (Total) Index posted a decline of -0.07% for July. Equity special situations, distressed and merger arbitrage strategies experienced declines as a result of both equity and credit exposure, with the HFRI ED: Distressed Index declining by -0.05%. Low net exposure sub-strategies, including ED: multi-strategy and credit arbitrage had partially offsetting positive contribution to index performance. In the M&A space, general spread widening and losses in the media sector contributed to declines, with the HFRI ED: Merger Arbitrage Index declining -0.24% for the month.

The HFRI Equity Hedge (Total) Index declined by -0.09% in July, with gains in equity market neutral, short bias and energy/basic materials strategies narrowly offset by declines in fundamental value and technology/healthcare. The HFRI Equity Market Neutral Index posted a gain of +0.16% with continued positive contributions from quantitative factor based strategies. Fundamental Growth strategies benefited from exposure to Asia and Eastern Europe, rising by +0.34% for the month, with these partially offset by declines in Latin American exposure. Fundamental Value strategies declined -0.40% from weakness in the US large cap and global equities.

The HFRI Relative Value (Total) Index posted a decline of -0.01% for the month, with positive contributions from fixed income exposure and multi-strategy credit funds, which were only partially offset by declines in yield alternative and convertible arbitrage strategies. The HFRI RV: Multi-Strategy Index gained +0.07% on falling yields, while widening credit spreads contributed to mixed performance across convertible arbitrage managers, with the HFRI RV: Convertible Arbitrage Index declining -0.80% for the period.

The HFRI Emerging Markets Index rose by +0.71% for the month, with positive contributions from exposure to Emerging Asia, Russia and multiple Emerging Markets offsetting declines in Latin America and the Middle East. The HFRI Fund of Hedge Funds Index posted a gain of +0.65%, in line with the performance of single manager strategies.

(press release)

Source

kb

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Outlook - Gundlach's stock market warning comes true[more]

    From Bloomberg.com: Jeffrey Gundlach has been warning something's got to give. Based on the past two days, looks like we have our answer. Stocks fell around the world a second day and high-yield bonds headed for a fourth straight loss, resuming a historic correlation that the hedge fund manager on W

  2. Middle East - Saudi-Iran war would create this domino effect of global disaster, Saudi billionaires said to move funds from region to escape asset freeze[more]

    Saudi-Iran war would create this domino effect of global disaster From CNBC.com: Events appear to be spinning out of control in the Middle East, and the threat a Saudi-Iranian war is looking increasingly credible. Make no mistake, an out and out conflict between the two nations would be

  3. Investing - Six more Warren Buffett buys, including Southwest Airlines, Seth Klarman's Baupost Group bets on beaten-up health care, Roark Capital offers to buy Buffalo Wild Wings: Wall Street Journal[more]

    Six more Warren Buffett buys, including Southwest Airlines From Forbes.com: Our latest recommendation for aggressive investors is Restaurant Brands International . Hedge fund manager Bill Ackman has an incredible 40.1% of his fund at Pershing Square Capital Management invested in Restaur

  4. Investing - Tages Capital steps in to rescue Italy's Banca Carige, Hedge funds place $5.4bn bet on Toshiba's resurrection, Why outside investors are fleeing: John Paulson's 6 worst investments[more]

    Tages Capital steps in to rescue Italy's Banca Carige From TheTimes.co.uk: A little known London hedge fund has played a pivotal role in the first rescue of an Italian bank without state intervention since the country's bad debt crisis started three years ago. Banca Carige, a Genovese le

  5. Tourbillon Capital, a $3.4bn hedge fund that's been sounding the alarm about 'frothy speculation,' is suffering big losses[more]

    From Businessinsider.com: Tourbillon Capital, a $3.4 billion hedge fund firm led by Jason Karp, is suffering. The firm's flagship Global Master fund is down 3.5% for the first 17 days of November, bringing performance for the year to November 17 to a loss of 10.6%, according to a note to investors s