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"Although US equity prices rose in June, almost all of the MSCI regional indices lost ground, and most hedge fund strategies ended the month with losses as well," says Sol Waksman, founder and president of BarclayHedge.

Twelve of Barclay's 17 hedge fund indices had losses in June, while five had gains. Emerging Markets gave up 2.55% in June, Equity Market Neutral was down 1.22%, Pacific Rim Equities lost 0.58%, the Multi Strategy Index was down 0.53% and Fixed Income Arbitrage gave up 0.47%.

"After registering 14 consecutive profitable months through January 2018, Emerging Market funds have dropped 8.32 percent with five straight months of losses," says Waksman.

On the positive side, Healthcare & Biotechnology gained 1.81% in June, Distressed Securities were up 1.52%, Merger Arbitrage added 1.15%, and the Event Driven Index was up 0.92%.

At the end of June, 13 hedge fund indices still have gains, while four have losses. The Healthcare & Biotechnology Index continued its strong 2018 performance, and is now up 9.80% for the year. The Technology Index has gained 7.74%, Distressed Securities are up 5.97%, and European Equities have gained 2.51%.

The Emerging Markets Index has a year-to-date loss of 4.44%, Pacific Rim Equities are down 2.36%, and Global Macro has lost 0.94%.

The Barclay Fund of Funds Index was down 0.36% in June, but remains up 0.60% for the year.