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HFRU Hedge Fund Composite Index gains 0.33% through mid-July, 3.27% YTD

Friday, July 18, 2014
Opalesque Industry Update - UCITS compliant Hedge funds posted strong gains through mid-July, extending prior month's gains, with the HFRU Hedge Fund Composite Index gaining +0.33%.

HFRU Equity Hedge Index posted a gain of +0.62% through mid-July, 2014, with positive contributions from exposures to the Middle East, Turkey and Emerging Asia, while European equity and Technology provided mixed contributions. 

 HFRU Relative Value Arbitrage Index posted a gain of +0.21% through mid-July, the 7th consecutive month of gains, with contributions from exposure to Asset-backed and Emerging Markets fixed income strategies partially offset by exposure to Volatility and European Convertible strategies. 

HFRU Macro Index posted a gain of +0.10% through mid-July, with positive contributions from Global Discretionary and Emerging Markets Fixed Income strategies only partially offset by commodity managers.

 HFRU Event Driven Index posted a decline of -0.23% through mid-July despite an acceleration of M&A trends, with mixed contributions from Global Merger Arbitrage, Emerging Markets Corporate and Sovereign credit strategies.

Global financial markets posted mixed results through mid-July as the US economy continued its steady expansion and the US Federal Reserve continued to reduce stimulus measures, with these expected to conclude in 2H14. Equity markets posted mixed results through mid-July, falling from record highs to begin the month but recovering intra-month losses into mid-month driven by upbeat early earning reports by Citibank and Goldman Sachs. M&A activity accelerated through mid-July with new deal announcements and progression of existing, announced transactions. US sector gains were led by Semiconductors, REITs and Telecom, which were offset by declines in small cap, Energy and Oil Services. European equities posted declines led by Italy, France, Russia and Spain, while Emerging Markets & Asian equities were led by gains in Brazil, Argentina, China and Japan. US & European government bond yields were little changed through mid-July as high yield credit widened modestly as implied volatility remained subdued. The US Dollar also traded in a narrow range gaining against the Euro, Swiss Franc and Russian Rouble while declining against the Indian Rupee and Thai Baht. Commodity volatility continued driven by strong US agricultural trends and falling expectations for US inflation, with steep declines led by Natural Gas, Oil, Soybeans, Corn and Cotton.

Comments reflect performance figures as of July 16, 2014.


The HFRU Indices are published on a daily basis and comprise the most comprehensive benchmarks of UCITS hedge fund performance available.


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