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Greenwich Global Hedge Fund Index rose +0.11% in June (+2.0 YTD)

Wednesday, July 25, 2012
Opalesque Industry Update - Hedge fund managers ended modestly higher in June on average as the Greenwich Global Hedge Fund Index rose +0.11% for the month. Arbitrage strategies were the best performers during the month, returning an average of +1.03%. The GGHFI’s gain of +0.11% lagged global equity returns in the S&P 500 Total Return (4.12%), and MSCI World Equity (+4.93%) equity indices. 59% of constituent funds in the GGHFI ended the month with gains.

Global Index Strategy Highlights
• Arbitrage funds are the best performers on the month, gaining +1.03% on average. Managers following Other Arbitrage strategies lead the way (+2.88%), followed by Fixed Income Arbitrage (+0.95%).
• Global stock markets rebounded in June retracing some of May’s negative performance. Long/Short Equity funds posted modest returns of +0.79% because of low net exposure (approx. 40%).
• Long/Short Credit Funds experienced positive returns as credit spreads improved with the equity markets. Long/Short Credit’s +0.94% return for June increased its YTD return to +4.82% making it the best performing YTD hedge fund strategy.
• Directional Trading funds struggled to find a trend in choppy markets, losing -1.4% on average. Within the group, Macro funds were basically flat in June (-0.01%), while Futures managers lost an average of -2.08%.
• Regional results were mixed during the month, but Emerging Markets funds fared slightly better (+0.34%) on average than their Developed Markets counterparts (+0.24%). Eastern Europe focused funds turned in the best results (+1.83%). Funds investing in North American markets also outperformed other regions with a gain of +1.20%...Full performance table: Source
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