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Alternative Market Briefing

Hedge funds falter in June - eVestment

Monday, July 13, 2015

Bailey McCann, Opalesque New York:

Hedge funds were down slightly in June according to the latest performance data provided by eVestment - however they still outperformed the broader market. Hedge funds posted an aggregate return of –0.94% in June, just over 100 basis points ahead of the S&P 500 which fell –1.94% during the month.

As for the second quarter aggregate return, hedge funds also outperformed the S&P500 posting a return of +0.65%, compared to the index which posted +0.28%.

On a strategy basis, the downturn for managed futures funds has persisted and is now catching larger funds in the mix. Last month, Opalesque reported the slide in managed futures but noted that primarily smaller funds were seeing the biggest drops in performance. According to eVestment data for June, managed futures funds with greater than USD 1 billion in AUM, experienced elevated losses in June, declining an average of –4.79%.

"The decline surpasses the magnitude of early 2015 gains and pushed large managed futures funds’ average returns for Q2 to a large decline of -7.24%. Large gains in January 2015 have helped limit YTD losses to -0.95%," Peter Laurelli, VP and Head of Research at eVestment wrote in the report.

Macro strategies also saw performance declines - posting -1.42% for June, and bringing overall second quarter performance down to -1.80%.

Activist strategies also posted negative returns in June of -0.99% owing to market volatility. Aggregate returns for the ......................

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