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Alternative Market Briefing

Global markets fell, hedge funds gain in mid-June on Brexit, Fed rate concerns

Monday, June 20, 2016

Komfie Manalo, Opalesque Asia:

Global financial markets declined through mid-June, as uncertainty associated with the upcoming Brexit referendum and expected U.S. Fed interest rate hike contributed to increases in volatility across asset classes, data provider Hedge Fund Research said.

Hedge funds posted gains through mid-June as the HFRX Market Directional Index gained +0.39% and the HFRX Equal Weighted Strategies Index gained +0.12% for the period. The HFRX Event Driven Index posted a gain of +0.75% through mid-June extending its gains from prior months, with contributions from Special Situations equity and Distressed/Restructuring managers. The HFRX Distressed Index posted a gain +0.80% for month, with contributions from exposure to the basic materials, energy and industrial sectors. The HFRX Special Situations Index gained +0.77% from core positioning in LinkedIn, Diamond Resorts, Macquarie Infrastructure, Akorn, Penn West, Yahoo and TransCanada. The HFRX Merger Arbitrage Index gained +0.02% with core exposures to Comcast/DreamWorks, Huntington Bancshares/FirstMerit, FormFactor/Cascade Microtech and Pinnacle Financial/Avenue Financial transactions.

HFR said in its monthly report, "Global equity markets posted declines led by developed European markets including France, Germany, UK, Italy and the Netherlands; Japan, US & China & Australia al......................

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