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Hedge fund managers up 0.26% in June, says Eurekahedge

Thursday, July 22, 2021
Opalesque Industry Update - Hedge fund managers were up 0.26% in June, trailing behind the global equity market as represented by the MSCI ACWI (Local) which gained 1.93% during the month. In terms of 2021 performance, global hedge funds were up 8.09%, recording the strongest June year-to-date return since 2009 despite the ongoing pandemic.

Roughly 58.2% of the underlying constituents of the Eurekahedge Hedge Fund Index posted positive returns in June, and 30.6% of the hedge fund managers in the database were able to maintain a double digit return in 2021.

On an asset-weighted basis, hedge funds were down 1.09% in June, as captured by the Eurekahedge Asset Weighted Index - USD. In terms of 2021 performance, the index is only up 3.64%, highlighting the struggles for some of the larger asset managers over the year.

The Eurekahedge North American Hedge Fund Index was up 1.13% in June, supported by the strong performance of the S&P 500 and NASDAQ which returned 2.22% and 5.49% respectively. In terms of 2021 performance, North American hedge funds have returned 11.54%, outperforming their regional peers as the economy continues its reopening and more and more people are returning to work.

The Eurekahedge Indian Hedge Fund Index was up 2.14% in June, outperforming the BSE SENSEX index which gained 1.05% over the month. Despite the stubbornly high numbers of new COVID-19 cases in India driven by the Delta variant, the OECD has projected India's economy to expand by 9.9% and become the fastest-growing G20 economy in 2021. In terms of 2021 performance, Indian hedge funds were up 15.44%, outperforming their Greater China counterparts which returned 5.89% over the first six months of 2021.

The Eurekahedge Distressed Debt Hedge Fund Index gained 1.93% in June, outperforming all of their main strategic peers. In terms of 2021 performance, distressed debt hedge funds have returned 10.56%, recording their best June year-to-date return since 2009.

The Eurekahedge Long Short Equities Hedge Fund Index was up 0.72% in June, extending their streak of consecutive positive returns to nine months. In terms of 2021 performance, long/short equities hedge funds have returned 10.53%, recording their strongest June year-to-date return since 2009.

Fund managers focusing on cryptocurrencies were down 10.45% in June as tracked by the Eurekahedge Crypto-Currency Hedge Fund Index, trailing behind Bitcoin which gained 0.55% over the same period. In terms of 2021 return, cryptocurrency hedge funds have gained 82.95%, outperforming Bitcoin which returned 24.95% over the first six months of the year.

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