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Alternative Market Briefing

Opalesque Roundup: Hedge funds slip to -5.6% YTD in June: hedge fund news, week 27

Monday, July 25, 2022

In the week ending July 22nd 2022, a report said that hedge funds declined for a third consecutive month in June with a return of -2.7%, recording their worst monthly performance since the onset of the pandemic in March 2020. Following the retreat, the Eurekahedge Hedge Fund Index has slipped to -5.6% YTD, marking its worst H1 performance since inception. Global equities, as represented by the S&P 500, fell by a staggering 8.4% as investors moved to price in an increased risk of recession as the Federal Reserve embarked on an aggressive series of interest rate hikes to fight soaring inflation.

Meanwhile, led by gains in Macro, CTA, Risk Mitigation and Commodity strategies, the HFRI 500 Macro Index gained +13.2 percent in the 1H 2022, topping the decline of the S&P 500 by 3300 bps and the Nasdaq Composite Index by nearly 4400 bps as US equity markets experienced the worst 1H of a calendar year in over 50 years. Negatively correlated Macro gains offset weakness in directional and higher beta strategies, bringing the performance of the HFRI 500 Fund Weighted Composite Index to a decline of -4.1 percent in 1H22, with both Macro and the overall Composite exhibiting the highest outperformance versus equity market declines in a first h......................

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