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Alternative Market Briefing

HFRI Emerging Markets Index fell -4.5% in August (-3.17% YTD) on sharp equity, currency losses

Monday, September 14, 2015

Komfie Manalo, Opalesque Asia:

Emerging markets-focused hedge funds suffered sharp losses over the past three months as of end August as regional equity and currency markets fell dramatically, driven in part by the devaluation of the Chinese Yuan by the Chinese Central Bank, reported Hedge Fund Research.

According to HFR’s latest HFR Emerging Markets Hedge Fund Industry Report, the HFRI Emerging Markets Index extended its three month performance drawdown to 9.2% as of August (-4.5% that month, -3.17% YTD.

Total hedge fund capital invested in emerging markets fell through August end to $185 billion (1.18 trillion RMB, 12.1 trillion Russian Rouble, 663 billion Brazilian Real, 694 billion Saudi Riyal, 12.2 trillion Indian Rupee). This follows a period when EM hedge fund capital rose to a record of $198 billion through mid-year 2015.

"Emerging Market hedge funds experienced extreme volatility in recent months not only as a function of regional equity and local currency liquidity pressures, but also because of intense structural pressure from local market regulators and government agencies to restrict the ability of any investor to establish short market exposure," stated Kenneth J. Heinz, President of HFR.

The recent emerging market losses were led by the HFRI China Index, which declined -7.55% in August, bringing the ......................

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