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Matthias Knab, Opalesque for New Managers:

Hedge funds delivered a strong second quarter in 2026, with the With Intelligence Hedge Fund Index gaining 4.95% in Q2 to bring first-half returns to 5.08%, according to the latest With Intelligence Hedge Fund data pack issued in July 2026. The asset-weighted version of the index, which gives greater weight to larger funds, did even better, returning 5.30% for the quarter and 6.23% year-to-date - a sign that the industry's biggest managers are outperforming their smaller peers this year.

The quarterly rebound followed a choppy start to the year: after a -3.03% drawdown in March, the composite index surged 3.67% in April and added 1.56% in May before easing -0.32% in June. On a trailing 12-month basis, hedge funds are up 12.2%, following an 11.11% gain in calendar 2025.

Asia tops the regional table, long/short equity leads strategies

Asia-focused hedge funds were the standout performers of the quarter, with the With Intelligence Asia Hedge Fund Index gaining 9.73% in Q2 - including a remarkable 7.44% in April alone - to reach 8.23% for the first half. North America followed with 6.89% for the quarter (7.24% YTD), while Europe returned 4.96% (3.49% YTD).

Among strategies, long/short equity led with a 7.73% quarterly gain, lifting the strategy to 7.04% for the first half after a 16.28% return in 2025. Event driven added 5.3......................

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