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Komfie Manalo, Opalesque Asia: Hedge funds serviced by South African prime broker Peregrine reported mixed results in July, either generally flat or moderately down, in relatively volatile and directionless markets.
On an equally weighted basis the average fund was down just under 1% on the month, although the asset weighted figure was higher, suggesting some stronger performance amongst the larger funds.
Peregrine commented, "We return to our primary hedge fund styles where equally-weighted (the more representative number this month) equity long-short posted a slightly weak -0.73% for July (following the -1.88% loss in June) while market neutrals, who tend to be solid, were slightly more volatile this month with a loss of -1.06% (post -1.44% in June). This meant YTD figures of -2.61% for equity long-short with market neutral a moderate -1.34%."
Market sentiment seems to have remained uncertain and non-committal, with most of the big economic questions of the moment (U.S. and Chinese growth, the UK and Europe post-Brexit, the political trajectory of some of the major democracies, the outlook for monetary policy, and so on) remaining stubbornly unresolved.
The All Share Index wasn’t isolated from all this and saw short periods of strength and weakness during the month, before ending slightly up at +1.2%. This in turn leaves its YTD at +5.5%.
A closer look at the sectoral indices reveals a strong res...................... To view our full article Click here
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