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Alternative Market Briefing

Hedge funds gain in June despite volatility spiking

Wednesday, July 06, 2016

Komfie Manalo, Opalesque Asia:

Hedge funds dispelled investors’ woes amidst the Brexit referendum and posted positive returns for June as the HFRX Market Directional Index gained +2.16% (+2.01% YTD), the HFRX Equal Weighted Strategies posted a gain of +0.31% (+0.24% YTD) and the HFRX Global Hedge Fund Index gained +0.20% for the month (-0.83% YTD).

The average hedge fund posted positive gains as the global financial market volatility spiked last month as the UK voted to leave the European Union, resulting in steep losses for the British pound sterling and many European equities, while bond yields plunged further into negative territory and gold surged, data provider Hedge Fund Research said.

HFR said in its monthly report, "Global equity markets ended June with mixed performance following steep declines across all markets intra-month on the Brexit vote; equities in the U.S., China and Great Britain recovered intra-month losses, while equities in Spain, Italy, France, Germany and Japan posted sharp declines for the month. The British pound sterling plunged to a 30 year low on the Brexit vote, as the U.S. dollar and Japanese yen surged on investor risk aversion, with the Euro also posting declines."

The report added that the global government bond yields also posted steep declines on investor risk aversion, with U.S. yields falling to historic lows while yields in Germany and Switz......................

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