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Alternative Market Briefing

China, Greece and oil pull down hedge funds into worst monthly decline last month since June 2013

Thursday, July 09, 2015

Komfie Manalo, Opalesque Asia:

The sharp fall in Chinese equities and the uncertainty over Greece’s referendum, as well as the volatility on oil prices have pulled down hedge funds across major strategies, led by quantitative, trend-following, macro CTA strategies, according to data provider Hedge Fund Research.

In its latest monthly report, HFR said that the HFRI Fund Weighted Composite Index had declined -1.3% in June (2.43% YTD), the worst monthly decline since June 2013, paring gains for the first half of this year to +2.4%. Despite the June decline, the first half HFRI gain still outperformed U.S. equities as measured by the S&P 500 by over 200 basis points.

"Increased financial market volatility and reversals of many of the performance trends from the first half of 2015 resulted in declines across many areas of hedge fund performance to conclude the month of June, with an increased focus on hedge fund exposure to and positioning in Chinese and Greek/European equities, oil and euro currency," stated Kenneth J. Heinz, President of HFR.

He continued, "While each of these remains an active and fluid financial market consideration in the short term, hedge fund performance across equity, event driven and arbitrage concluded 1H15 with outperformance of U.S. equities, highlighting an important performance inflection point. ......................

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