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Alternative Market Briefing

Hedge funds up 0.35% in May, YTD returns to +3.36% - eVestment

Thursday, June 11, 2015

Bailey McCann, Opalesque New York:

Aggregate hedge fund performance rose 0.35% in May, adding to an overall positive YTD figure of +3.36% according to eVestment. Equity exposure supported hedge fund returns throughout May, but systematic strategies were adrift as major trends slowed and shifted. LS equity and Activist strategies are outpacing the S&P in 2015 so far.

Notably, managed futures funds posted their second consecutive negative month - down -0.23% in May. This marks a reversal of fortune for managed futures funds which appeared to be rebounding after a five-month string of positive returns. "Strong USD and declining oil prices, the two major and dominant trends likely adding to prior gains, have both since been on hold. The universe is no longer among the leading performers for 2015," writes Peter Laurelli, VP and Head of Research at eVestment in a research note.

The drop in performance for managed futures funds was muted slightly for the largest funds in the cohort. "While not a large difference, this is a reversal of the breakdown of April’s declines where large managed futures funds produced much larger losses. However, they also produced much higher gains when the currency and commodity price trends were at their strongest," the report says.

Global macro funds remained flat for the month.Activist funds have had a decent four-month stretch after a difficult start to 2015 and returned +1.12% in May.Emerging markets continue to provide a diverse se......................

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