Opalesque Industry Update - UCITS absolute return funds are slightly down in July with the UAI Global index losing 0.33%. The worst performances
are found among the commodity and equity focused funds that got affected by the difficult conditions of their
underlying markets (-4.99% for the DJ UBS Commodity Index and -1.67% for the MSCI World).|
The UAI Commodity loses
-1.45% in July while the UAI Long/Short Equity is down -0.66%, the UAI Event Driven down -0.59% and the UAI Equity
Market Neutral down -0.45%. On the positive side, the best performance is achieved by the UAI Emerging Markets up
0.56% thanks mainly to the Chinese focused long/short equity funds. UCITS absolute return fixed income funds are the
best performing ones since the beginning of the year with an average progression of 1.57%. Funds of funds lose -0.20%
in July bringing their year to date performance to 0.28%.
UAIX single strategy indices post mixed results in July. Half of them return positive performance with the UAIX CTA
clearly outperforming all other UAIX indices with a progression of 1.78% for the month. It is followed by the UAIX
Emerging Markets up 0.81%. On the negative side the UAIX Commodities and the UAIX Long/Short Equity return the
worst results with -2.55% and -1.38% respectively. The two UAIX fixed income focused indices are also among the worst
performing ones in July with -0.57% for the UAIX FI Developed Markets and -0.35% for the UAIX FI Global index. The
UAIX CTA is now the best performing strategy index since the beginning of the year up 2.80%. It is followed by the UAIX
Event-Driven up 2.16%.
UAI Blue Chip
The UAI Blue Chip is down -0.14% in July. In line with the broad market the best performing strategies within the UAI
Blue Chip index are CTA, Emerging Markets and Volatility up on average 1.34%, 0.72% and 0.65%. On the negative side
the worst performing funds are found among Commodities, Event-Driven and Long/Short Equity funds, the latter being
responsible for -14bp of the monthly performance. The UAI Blue Chip is up 0.22% since the beginning of the year.
Number of funds and AUM
Assets managed by UCITS absolute return funds advance by more than EUR 2 billion in July to reach EUR 237 billion.
Fixed Income and Long/Short Equity funds record the largest growth of assets with EUR 2.3 and 1.3 billion. On the
negative side the largest relative asset drop is recorded by commodities funds with a 10% decrease which brings the
total assets managed in this particular strategy to EUR 1.19 billion. Since the beginning of the year UCITS absolute
return fund’s assets have grown by 25%.