Hedge funds had mixed results in May with nearly a perfect 50/50 split between gainers and losers. Over all, the Greenwich Global Hedge Fund Index showed modest growth of +0.49% in preliminary May results.
Long-Short Equity managers and Event-Driven managers contributed the most to the industry’s gains adding +2.13% and +1.88% respectively in May. May’s gains bring these strategy’s year-to-date numbers up to +7.91% for Long-Short Equity managers and +7.23% for Event driven managers on average.
Event driven managers benefited from the unusually large number of new deals announced in May while the equity markets’ fairly steady rise throughout May contributed to the large increase in Long-Short Equity managers’ portfolios.
Friday’s Settlement: 2902 (- 82) UPDATE: NO CHANGE: For the last sixteen weeks 3010 (our proprietary black resistance neck- line) has acted as the key upside pivot, and price action remained under that point (on a close basis) for this entire period. 3010 remains the pivot between a bullish and bearish market. It (3010) has worked like magic. Providing resistance to the tick. Eight days ago the market once again failed at that region, and is now suffering.