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Eurekahedge Hedge Fund Index up 0.9% in May, 7.7% YTD

Thursday, June 17, 2021
Opalesque Industry Update -

• Hedge fund managers were up 0.87% in May 2021, supported by the strong performance of the global equity market which returned 0.83% during the month. In terms of 2021 performance, global hedge funds were up 7.71%, recording the strongest May year-to-date return since 2009 despite the ongoing pandemic. Roughly 71.4% of the underlying constituents of the Eurekahedge Hedge Fund Index posted positive returns in May, and 29.9% 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 up 1.38% in May, as captured by the Eurekahedge Asset Weighted Index - USD. In terms of 2021 performance, the index is up 4.82%, recording their best May year-to-date return since 2009.

• The Eurekahedge North American Hedge Fund Index was up 0.86% in May, outperforming the S&P 500 and NASDAQ which returned 0.55% and -1.53% respectively. In terms of 2021 performance, North American hedge funds have returned 10.16%, outperforming their regional peers as the continued speedy roll out of COVID-19 vaccinations enabled the reopening of more industries and boosted the momentum of the economic recovery.

• The Eurekahedge Emerging Markets Hedge Fund Index was up 1.54% in May, outperforming their developed market counterparts as emerging markets equities benefitted from the 1.57% decline of the US Dollar Index in May. In terms of 2021 performance, emerging markets funds have returned 5.30%, lagging behind their developed market counterparts as North American and European hedge funds returned 10.16% and 6.00% over the same period respectively.

• The Eurekahedge Macro Hedge Fund Index gained 1.51% in May, extending their streak of consecutive positive returns to seven months. The Federal Reserve signalled their intent to consider tightening monetary policy only after the economy had made significant progress towards a strong recovery, allaying fears that interest rates would be raised prematurely. In terms of 2021 performance, the index returned 5.16% - recording their highest May year-to-date return since 2009.

• The Eurekahedge CTA/Managed Futures Hedge Fund Index returned 1.59% in May, supported by the robust performance of the S&P GSCI Index which returned 2.52%. Precious metals were the best performing components of the S&P GSCI Index, with gold and silver returning 7.66% and 8.28% in May respectively. In terms of 2021 performance, the index returned 6.51% - recording the fourth highest May year-to-date return among the main strategic mandates.

• Fund managers focusing on cryptocurrencies were down 6.83% in May as tracked by the Eurekahedge Crypto-Currency Hedge Fund Index, outperforming Bitcoin which lost 32.88% over the same period. In terms of 2021 return, cryptocurrency hedge funds gained 120.65%, outperforming Bitcoin which returned 24.27% over the first 5 months of the year.

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