New Managers July 2012

Emanagers Indices: June 2012 performance of Opalesque's indices of emerging manager funds.

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Emanagers Total Index up 0.9% in June (+2.84% YTD)

Emerging manager hedge funds and managed futures funds had a strong month of June, according to a first estimation based on the data of 304 funds listed in Opalesque Solutions' Emanagers database.

The Emanagers Total Index gained 0.9% last month and is up 2.84% for the year 2012. Estimates for May and April were corrected to -0.42% and -0.75% respectively. Since inception in January 2009, the index posted compounded returns of 61.3% and outperformed both the global stock market and hedge fund indexes.

Over the last 12 months, the index lost 0.22% in 7 negative and 5 positive months, and outperformed the Eurekahedge Hedge Fund Index (-3.06%) and the MSCI World Index (-7.17%).

Hedge funds performed slightly better in June than managed futures funds. The Emanagers Hedge Fund Index gained 1.03% (+3.83% YTD) , while the Emanagers CTA Index gained 0.66% (-0.45% YTD).

Hedge fund strategies posted mixed results in June: Global macro funds performed best (+2.72%), followed by equity L/S (+1.06%) and event-driven funds (+0.79%). Losing strategies were equity long-bias (-0.83%), relative value (-0.33%) and multi-strategy (-0.31%).

Year-to-date, all hedge fund strategies are up and gained between 8.56% (event-driven) and 0.74% (equity long-bias).

12-month rolling performance data gives MSCI-correlation coefficients of 95% for Emanagers hedge funds and 50% for Emanagers CTAs. The resulting equity-market betas are 43% and -10%, respectively.

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This article was published in Opalesque's New Managers a top-down monthly analysis, news and research publication on the global emerging manager space.