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Komfie Manalo, Opalesque Asia: Hedge funds posted reported a modest gain in May with the HFRX Global Hedge Fund Index gaining +0.24% (+2.34% YTD) and the HFRX Absolute Return Index gaining +0.32% for the period (+1.28% YTD), said data provider Hedge Fund Research.
Most hedge fund strategies fared well last month, HFR added. The HFRX Event Driven Index posted a gain of +0.93% from gains in special situations equity and merger arbitrage managers. The HFRX Special Situations Index was up +1.31% from core positioning in Penn West, ClubCorp, Hilton, Yahoo, Alibaba, Actelion, Alere and Mobileye.
The HFRX Merger Arbitrage Index gained +0.36% for the period with core exposures to JAB/Panera Bread, Mars/VCA, Simmons First National Corp/Southwest Bancorp, BD/Bard, Coach/Kate Spade, Intel/Mobileye and CenturyLink/Level 3 Communications transactions. However, the HFRX Distressed Index declined -0.20% for the period from exposure to the U.S. industrial, consumer and energy/basic materials sectors.
Meanwhile, the global financial markets reported mixed returns during the same period as implied volatilities declined following the French election and Brazil recovered from a sharp 1-day sell off. Global equity markets posted gains led by the UK, Technology and Asian equities, though gains were offset by China, Russia, Brazil and Energy sector.
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