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Laxman Pai, Opalesque Asia:

Varied returns among largest managers highlight hedge fund performance, said eVestment. Hedge funds gained an average of +2.07% in June bringing YTD average returns to -3.37%.

According to the report, roughly 40% of the industry is producing positive results in 2020, with the average gain +9.12% while the average decline is -10.85%.

"The ten largest reporting funds' average return in June was significantly below the industry average for the month (-0.70% vs. +2.07%), and YTD returns for the group also lag the broad industry (-5.75% vs. -3.37%), " said Peter Laurelli, eVestment's Global Head of Research.

From these largest managers, there is a wide dispersion of returns. Seven are down an average of -14.03% for the year, while the three that are positive are each up over 6%, with two producing noticeably outsized gains.

Given the size of these products, a broad swath of investors are likely feeling dissatisfied with their hedge fund allocations this year.

Funds focused on corporate capital structures performed best in June, and have outperformed the broad equity or fixed income segments YTD. Funds focused on FX/currency markets have produced the best average market-focused (as opposed to strategy) returns in 2020.

Managed futures was the sole strategy segment to produce aggregate losses in June. Though negative for the year, the strategy is generally doing better than the industry and better than most other primary strateg......................

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