Sat, Jan 31, 2015
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. Opalesque Exclusive: Ex-Citi trader launches 'sleep-at-night’ long/short equity fund[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: After working at Citi's proprietary trading desk, managing a large portfolio between 2008 and 2011, Joel S. Salomon founded SalaurMor Management in New Yor

  2. Investing - U.S. investors favor currency hedged Europe ETFs as euro tumbles, Quants win back investors as Swiss franc fuels volatility gains, David Einhorn's $7bn hedge fund is loading up on this stock, Hedge fund BlueMountain Capital unveils Ocwen Financial short, claims default on notes[more]

    U.S. investors favor currency hedged Europe ETFs as euro tumbles From Reuters.com: U.S. investors stung by the falling euro who want to stay invested in Europe are turning to exchange-traded funds designed to strip out the impact of the region's currency. The biggest among so-called "cur

  3. News Briefs - Millennials use tech tools to jump into investing, Winklevoss twins to launch bitcoin exchange with FDIC insured deposits, Robertson’s legacy from hedge funds to New Zealand, Real estate managers exploring smaller open-end funds[more]

    Millennials use tech tools to jump into investing It is the Facebookification of monetary investing. From social networking platforms that enable young investors to stick to every other's stock-picking mojo, to internet sites for initially-timers hungry for a piece of the Silicon Valley

  4. Update: Prosecutors seek 12 years for hedge fund manager Francisco Illarramendi[more]

    Komfie Manalo, Opalesque Asia: Federal prosecutors have asked the court to sentence convicted hedge fund manager Francisco Illarramendi to 12 years imprisonment for running an elaborate Ponzi scheme that bilked investors hundreds of millions in dollars, including a Venezuelan pension fund, report

  5. Institutions - Ontario pension fund leader calls all asset classes ‘expensive’, Taiwan's BLF plans $2bn in alternative mandates[more]

    Ontario pension fund leader calls all asset classes ‘expensive’ From WSJ.com: The head of one of the world’s largest pension funds said that across asset classes, “everything is expensive.” Ron Mock, who leads Canada’s $141 billion Ontario Teachers’ Pension Plan, said that the plan would