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In the week ending August 27th 2021, Eurekahedge said revealed that hedge fund managers were down 0.27% in July, trailing behind the global equity market as represented by the MSCI ACWI (Local) which gained 0.40% during the month. In terms of 2021 performance, global hedge funds were up 7.85%, recording the strongest July year-to-date return since 2009 despite the ongoing pandemic. Around 81.8% of the constituents of the Eurekahedge Hedge Fund Index generated positive returns in 2021.

Emerging Markets (EM) hedge funds, led by funds investing in India, Russia, China, and the Middle East extended strong gains through mid-year 2021 as EM hedge fund capital eclipsed another record, with performance again topping gains in EM regional equity markets and complemented by volatile cryptocurrencies.

Meanwhile, multi-strategy performance took a hit in July, down 1.1%, but continued to hold up well in 2021. The HFM Multi-strategy Index was up 9.1% YTD through July, slightly trailing the event-driven and L/S equity indices, but ahead of the HFM Global Composite's 8.7% YTD gain. The robust performance narrative has led to an uptick in investor flows, with multi-strategy hedge funds attracting more than net $5bn in July, taking YTD flows to net $14.5bn, ahead of all other hedge fund strategies and comprising almost one-third of all hedge fund inflows during 2021. This marks a reversal from 2020 where there was a $19.5bn outflow from multi-strategy funds.

In performance news, the Global Macro strategy ......................

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