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Greenwich Composite Investable Index shed -2.18% during May

Wednesday, June 30, 2010
Opalesque Industry Updates - The Greenwich Composite Investable Index shed 2.18% during May in an extremely difficult market for hedge funds and investors worldwide. All Greenwich Investable Indices moved lower on the month, albeit to a lesser extent than the precipitous drop experienced by global equity markets.

The Greenwich Investable Equity Market Neutral Index was the best performer in May, losing a modest 24 basis points. More directional strategies were not as fortunate, as the Greenwich Investable Futures Index lost 3.27%. The Long-Short Equity Investable Index also lost 2.61%, its largest loss of the year but a fraction of the 10% decline experienced by the MSCI World Equity Index. Year-to-date, 5 of 9 Greenwich Investable Index Strategies remain positive on the year with Event-Driven and Long-Short Credit leading to the upside, gaining 5.84% and 5.24%, respectively.

“The depth and speed of the correction in May caught market participants by surprise. Hedge funds did their best to mitigate market risk but managers with even marginal net exposures suffered as a result of the dramatic sell-off. However, the relatively low level of losses in directional hedge fund strategies as compared to global equity returns clearly demonstrates the capital preservation priorities of the hedge fund asset class,” noted Clint Binkley, Senior Vice President.

Performance table available: Source

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