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Alternative Market Briefing

Global hedge funds gain in July as markets extend recovery from Brexit shock

Wednesday, August 03, 2016

Komfie Manalo, Opalesque Asia:

Global hedge funds posted gains for July, with the HFRX Global Hedge Fund Index gaining +1.45% for the month (+0.62% YTD) and the HFRX Market Directional Index rising +2.50% (+4.56% YTD) as the financial markets extended the recovery from the prior month's Brexit shock and driven by both strong U.S. employment report and U.S. Fed continuation of low interest rates.

In its monthly report, data provider Hedge Fund Research said that the equity market gains were broad based across regions and sectors, with regional led by gains in Germany, Japan, U.S., Spain, Brazil and Hong Kong and sector gains in technology, biotechnology, telecom, commodity-sensitive and small cap.

The report said, "Yields on longer dated U.S. government bonds fell as the yield curve flattened and high yield credit tightened; yields fell across the UK, France and Italy while remaining negative across Germany, Switzerland and Japan. Commodities were mixed with gains across metal led by platinum, silver and gold, while energy & agricultural commodities declined led by oil, soybeans and lean hogs. The U.S. dollar retraced recent gains against the euro, pound & Japanese yen after intra-month highs."

Event driven continues strong performance

The HFRX Event Driven Index posted a gain of +2.37% for July, +5.70% YTD, continuing its strong performance from......................

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