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Alternative Market Briefing

Hedge funds managers up 2.16% in May, cut YTD loss to 2.53%

Thursday, June 11, 2020

Laxman Pai, Opalesque Asia:

Hedge fund managers were up 2.16% in May, reducing their year-to-date loss to 2.53%, said Eurekahedge. Market optimism towards the resumption of economic activities and supportive monetary and fiscal policies boosted the performance of risk assets during the month.

"The Eurekahedge Hedge Fund Index was up 2.16% in May, supported by the robust performance of the global equity market as represented by the MSCI ACWI (Local), which gained 4.32% over the same month," said a statement.

Global equities continued its rally driven by the reopening of major economies and accommodative central bank policies. For the week ending May 15, the market saw a decline in risk assets owing to concerns regarding the second pandemic wave and fresh tension between the US and China, pushing the S&P 500 down 2.26%.

However, market risk sentiment shifted towards the end of the month, supported by investors' optimism on strong economic recovery as some countries particularly in Europe and the US began to ease their lockdown.

The US equity benchmark ended the month with strong returns, with the tech-heavy NASDAQ up 6.75% - recording a new all-time high, while the S&P 500 was up 4.53% over the same period.

Roughly 73.6% of the underlying constituents of the Eurekahedge Hedge Fund Index posted positive returns in May, and 13.5% of the hedge fund managers in the database were able to maintain double-digit returns over the first five months of 2020.

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