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Alternative Market Briefing

Event-driven strategies lead hedge fund gains in May

Wednesday, June 08, 2016

Komfie Manalo, Opalesque Asia:

Hedge funds posted gains for the third consecutive month in May, as the U.S. dollar strengthened in anticipation of higher U.S. interest rates, as well as an increasingly uncertain outcome of the upcoming UK referendum about Brexit. The HFRI Fund Weighted Composite Index (FWC) gained +0.4% for the month (+0.74% YTD), according to data released by Hedge Fund Research.

Strong performance in event driven strategies was complemented by gains in relative value arbitrage and equity hedge strategies, which were only partially offset by declines in macro; all four main hedge fund strategies are now positive for 2016. The hedge funds’ gains in May topped most equity market indices, including the Nasdaq, Nikkei, FTSE, DAX and Shanghai Composite, while narrowly trailing the S&P 500 and DJIA. The HFRI Asset Weighted Composite Index posted a similar gain of +0.3% for the month (-1.55% YTD).

"Hedge funds posted gains for the third consecutive month in May, effectively navigating uncertainty associated with the upcoming Brexit vote, as well as shifting expectations of the timing and frequency of near term rate increases by the Federal Reserve," stated Kenneth J. Heinz, president of HFR.

Event driven strategies lead gains

Last month’s performance was led by the HFRI Event Driven Index, which advanced +1.3% on accelerated M&A activity, bringing the rolling......................

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