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Equity Hedge was the weakest area of industry performance with the HFRI Equity Hedge (Total) Index declining -1.50% (YTD: -1.60%). Across EH sub-strategies, funds focused on Fundamental Value and Energy/Basic Materials were the weakest area of performance, with these declining by -2.05% and -1.95%, respectively. Equity Market Neutral and Sector: Technology/Healthcare posted more modest declines, with these declining -0.40% and -0.90% for June, respectively. Short selling funds were the lone positive contributor in EH, gaining +3.73%.

Relative Value Arbitrage was the strongest area of industry performance, with the HFRI Relative Value (Total) Index gaining +0.40% for June (YTD: +3.66%). Fixed Income exposure across sovereign, convertible, corporate and asset backed all posted gains in June, which were complemented by gains in Volatility and MLP-focused strategies; gains were driven by falling yields, increasing volatility and a sharp increase in Natural Gas.

The HFRI Macro (Total) Index declined by -0.23% in June, dropping YTD performance to -1.27%. Minimal gains in quantitative, trend following Systematic Diversified (+0.17%) strategies and Active Trading strategies only partially offset declines in Discretionary Thematic and Commodity Focused funds.

The HFRI Event Driven (Total) Index declined by -1.10% (YTD: +2.43%) with declines in Activist and Distressed/Restructuring (-0.94%) offsetting gains in Merger Arbitrage (+0.11%) on weaker corporate credit markets and generally wider risk arbitrage spreads.

The HFRI Emerging Markets (Total) Index posted a decline of -0.63% with gains in Latin America and Emerging Asia only partially offsetting declines in Russia and the Middle East... Full performance table: Source
-PD