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Among regional mandates, Japan mandated hedge funds topped the table for the month, gaining 1.88% followed by Asia ex-Japan and European mandated hedge funds with gains of 0.91% and 0.72% respectively. Emerging markets hedge funds were also up this month gaining 0.17%. On the other hand, Latin American mandated hedge funds posted the steepest decline, down 1.19% followed by their North American counterparts with losses of 0.33%. On a year to-date basis, hedge funds are up 3.25% while underlying markets gained 7.45%. Asia ex-Japan hedge fund managers led the table up 7.89% followed by their emerging markets and Latin American counterparts with gains of 6.99% and 5.91% respectively.

Below are the key highlights for the month of May 2017:

- Hedge funds gained 0.31% in May with underlying markets, as represented by the MSCI AC World Index (Local) up 1.09% over the same period. On a year-to-date basis, managers gained 3.25% while underlying markets were up 7.45%.

- Among developed mandates, Japanese hedge funds were up 1.88%, followed by European peers with gains of 0.72%. On the other hand, North American hedge fund managers posted losses this month, declining 0.33%. On a year-to-date basis, European managers were up 4.23% followed by Japanese and North American managers who posted gains of 3.43% and 2.21% respectively.

- CTA/managed futures hedge fund managers gained a modest 0.11% in May with underlying FX-focused hedge funds leading much of the strength, gaining 0.32% for the month. On a year-to-date basis, CTA/managed futures hedge fund managers declined 0.36% with commodity-focused hedge funds leading much of the weakness, retracting 2.01%.

- Emerging market mandates gained 0.17% for the month with strength led by underlying Asia ex-Japan hedge funds. Frontier markets as represented by Eurekahedge Frontier Markets Hedge Fund Index was up 1.33% for the month.

- The Eurekahedge Long Short Equities Hedge Fund Index was up 0.52%% during the month with strength led by underlying equity long-bias hedge funds which gained 0.70% over the same period. On a year-to-date basis, long/short equities hedge fund managers gained 5.02% with strength led by underlying equity long bias hedge fund managers (+7.40% year-to-date).

- Asia ex-Japan mandated hedge funds were up 0.91% during the month with strength led by underlying Greater China and India hedge fund managers, who were up 1.99% and 0.19% over the same period respectively. On a year-to-date basis, Greater China and India mandated hedge funds posted impressive gains, up 11.04% and 15.31% respectively.

- Among volatility-focused hedge funds, short volatility hedge funds topped the table for May, gaining 0.68% while long-volatility hedge funds posted the steepest decline, down 0.38%. On a year-to-date basis, short volatility hedge funds gained 4.90% while tail risk hedge funds were down 6.76%.

Press release and performance tables: Source

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