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Heavy hitters struck by August blues
From the FT: August looks to be the worst month for hedge funds in seven years and is close to being the worst since 1998 as almost all hedge strategies have failed to perform. The average hedge fund was down 3.2 per cent with one trading day left in the month, according to Chicago-based Hedge Fund Research, after a sharp recovery from a far worse position in the past two weeks. This is the worst since November 2000, when hedge funds were knocked back 3.5 per cent in a month.
"A manager who is flat in August looks like a hero at this point," said Yannis Procopis, deputy chief investment officer at CMA, a $2.6bn fund of hedge funds. ...After a disastrous start to the month, when many computer-driven quantitative equity funds plummeted 30 per cent or more, the sector has staged a strong comeback, recovering sharply in the past two weeks. Equity long-short hedge funds - the biggest sector - were hit badly in August, with many funds down 10 per cent by mid-month, along with Japan specialists and quantitative equity, known as statistical arbitrage. Full article: Source
Opalesque Exclusive: Early reporting mostly negative for August
Although the data supplied so far is very limited as of “pixel time”, most hedge fund databases report negative return for the last month. The Dow Jones Hedge Fund Strategy Benchmarks ar...................... To view our full article Click here
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