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Alternative Market Briefing

Emerging markets hedge funds gain +0.3% in July despite difficult markets

Monday, August 27, 2018

Laxman Pai, Opalesque Asia:

Hedge funds focused on emerging markets actively navigated the surge in EM asset volatility into 3Q18 including the plunging Turkish Lira, as well as volatile financial market conditions and falling currencies across Latin America, Russia and China.

With the HFRI Emerging Markets (Total) Index gaining +0.3% in July, paring the YTD decline to -3.4%, EM hedge fund performance was mixed as funds navigated these fluid dislocations.

In comparison, the HFRI Fund Weighted Composite Index, which includes hedge funds globally of all strategies and regional investment focus areas, has gained +1.4% YTD through July.

The HFR report said that the total emerging market hedge fund capital remained little changed through mid-year 2018, declining slightly from the 1Q record to $231.0bn (RMB: 1.58tn, Brazilian Real: 920bn, Indian Rupee: 16.1tn, Russian Rouble: 15.5tn, Saudi Real: 866bn).

EM hedge fund performance for 2018 has so far been led by the HFRI MENA Index, which gained +0.4% in July, bringing YTD 2018 performance to an advance of +5.9%.

MENA-focused hedge funds had been defensively positioned and largely insulated from the intense volatility which has developed as a result of the plunge in the Turkish Lira, with developments regarding trade and tariff negotiations, as well as political components, remaining fluid at present.

The HFRI EM: Russia/Eastern Europe Index posted a narrow advance for both July and YTD 2018 despite ......................

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