Opalesque Industry Update - The Greenwich Investable Index funds posted mixed results in July, but overall moved modestly higher for the month. The monthly redemption Composite Index gained 18 basis points while the quarterly exit Index advanced 0.36%. |
Five of Nine Greenwich Investable Indices moved higher for the month, led by strong results from Managed Futures funds. The Greenwich Long-Short Equity Investable Index fell by 0.86%, a fraction of the 2.03% loss on the benchmark S&P 500 Total Return Index.
“A positive bid for stocks was followed by pronounced weakness late in the month. Weak economic data clearly weighed on investor sentiment, but most hedge funds were prepared for the increased volatility. Year-to-date, Long-Short Credit and Arbitrage strategies have been the most successful. We expect cautious investing and a focus on risk management to drive hedge fund performance for the remainder of the year,” noted Clint Binkley, Senior Vice President.