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Komfie Manalo, Opalesque Asia:

Global hedge funds recorded their 7th consecutive month of gains in May, with contributions from currency and technology exposures, according to data released by Hedge Fund Research. The HFRI Fund Weighted Composite Index (FWC) gained +0.5% for the month, bringing YTD performance to +3.5%, and extending the record index value to 13,406. The HFRI FWC has now advanced in 14 of the trailing 15 months.

"Hedge funds extended strong performance in May led by Technology, Currency and Event-Driven strategies, as Macron prevailed in the French election, emerging market volatility spiked and receded intra-month, and equity-implied volatility fell to historical lows," stated Kenneth J. Heinz, President of HFR.

HFRI gains were led by event-driven (ED) strategies, as the HFRI Event-Driven (Total) Index advanced +0.6%, the 11th consecutive monthly gain, bringing YTD performance to +3.9%. ED sub-strategy performance in May was led by the HFRI ED: Special Situations Index, which jumped +1.3%, and the HFRI ED: Multi-Strategy Index, which added +0.7%. Partially offsetting these gains, the HFRI ED: Distressed/Restructuring Index declined -0.3% for the month. The HFRI Event-Driven (Asset Weighted) Index posted a larger gain of +1.1% for May, bringing YTD performance to +5.6%.

Equity hedge (EH) strategies also advanced in May as equity-implied volatility fell to a historic low, with performance led by techn......................

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