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“Hedge funds raked in $72.2 billion in the first five months of this year, the strongest January-May inflows since 2007,” said Sol Waksman, president and founder of BarclayHedge.

Industry assets climbed to a 5¾-year high of $2.3 trillion in May, according to estimates based on data from 3,426 funds. Assets rose 18% in the past 12 months but were down 6% from the all-time high of $2.4 trillion in June 2008.

The monthly TrimTabs/BarclayHedge Hedge Fund Flow Report noted that the hedge fund industry gained 1.2% in May, bouncing back from April’s 0.2% loss but underperforming the S&P 500, which gained 2.4%. In the past 12 months, the industry returned 7.6%, while the S&P 500 rose 18.0%.

“Funds targeting distressed securities are up 5.1% this year, outperforming all other fund categories,” said Waksman, who noted that macro funds fared the worst, losing 0.9%.

The monthly TrimTabs/BarclayHedge Survey of Hedge Fund Managers finds a plurality of respondents was neutral on the S&P 500 over the next 30 days, although bullish sentiment rose to a three-month high, and bearish sentiment dipped. The majority favoring developed markets grew larger, rebounding from a 15-month low in May. The proportion expecting crude oil prices to rise in the next six months hit a 17-month high, while the proportion expecting gold prices to climb rose to a four-month high.

The TrimTabs/BarclayHedge database tracks hedge fund flows on a monthly basis. The TrimTabs/BarclayHedge Survey of Hedge Fund Managers appears monthly, as does the TrimTabs/BarclayHedge Hedge Fund Flow Report, which provides detailed analysis of hedge fund flows, assets, and returns.

www.barclayhedge.com/products/trimtabs-hedge-fund-flow-report.html

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