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Komfie Manalo, Opalesque Asia: Hedge funds posted gains for the fifth consecutive month in July, the longest positive streak since 2013, driven by equity hedge and event-driven strategies, as equity and credit markets recovered Brexit losses. The HFRI Fund Weighted Composite Index advanced +1.7% in July, increasing the index value to 12,644.12 and bringing the YTD gain for the to +3.0%, said data provider Hedge Fund Research.
All four main strategy indices were positive last month as gold surged, equities extended their recovery, and bond yields declined on a combination of moderation in global growth forecasts, as well as expectations for new economic stimulus measures. The HFRI Asset Weighted Index advanced +1.1% for the period (-0.21 YTD), while the HFRI Fund of Funds Index gained +1.3% (-1.37 YTD).
Kenneth J. Heinz, president of HFR, commented, "Hedge funds extended post-Brexit gains in July as global equities recovered losses, commodities fell and global interest rates declined further on weakening global economic data and outlook.
Equity hedge leads performance
Equity hedge was the top performing strategy as post-Brexit global equity markets were by led by the U.S., Germany, Japan, Spain, Brazil and Hong Kong. The HFRI Equity Hedge Index climbed +2.4% in July, the strongest gain since March, reversing the -0.5% decline in June. Equity hedge performance was led by ...................... To view our full article Click here
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