Opalesque Industry Update- The Greenwich Global Hedge Fund Index ended the month down -1.15% based on preliminary estimates, outperforming global equity and credit markets as measured by the S&P 500 (-1.34%), MSCI World Index (-2.61%), and Barclays Aggregate Bond Index (-1.55%).|
Despite a positive start to June, most hedge funds were challenged by declining equity markets as the Federal Reserve announced the beginning of less accommodative policy in the US and signs of slowing growth and political turmoil emerged around the world. Early indicators show Long-Short Credit managers struggled the most in June falling -2.65% on average.
Equity Market Neutral and Event-Driven were the only two positive strategies in June, improving +0.03% and +0.58% respectively. Event-Driven managers are the clear leaders in the first half of 2013, up +7.74% YTD. While June was a difficult month for most strategies, all still remain positive on the year on average, with the exception of Managed Futures strategies (-1.35% YTD).