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Despite the July rebound, global hedge funds remained down 4.0% YTD

Friday, August 19, 2022
Opalesque Industry Update - The Eurekahedge Hedge Fund Index gained 1.3% in July, recording its highest monthly return since April 2021 after three consecutive months of decline, totaling 4.1% in Q2. Despite the July rebound, global hedge funds remained down 4.0% YTD.

Among strategies, long/short equity recorded the highest return of 2.2%, supported by the improvement in risk sentiment due to the strong rebound of the global equity market.

Relative value (1.6%) and multi-strategy (1.6%) also rebounded in July, following three consecutive months of decline, totaling 4.0% and 3.4%, respectively, in Q2.

CTA/managed futures (6.5%) is the only top-level strategy with a positive return YTD. By contrast, long/short equities (-7.3%), fixed income (-4.1%) and event-driven (-5.1%) remain firmly in the red as risk aversion remains high amid continued macroeconomic uncertainty.

Returns were varied across sub-strategies in July, with long-bias (4.2%), AI (1.3%) and FX (0.1%) recording positive returns while the remaining strategies declined. Trend-following recorded the steepest decline of 4.2% in July, but remains the top-performing sub-strategy YTD.

Positive returns were reported across most investment regions in July, with Asia the only exception as it declined 0.5%. North America was the best-performing region with gains of 2.5% in July.

Funds focused on North America (2.5%) and Europe (1.3%) recovered in July following declines of 5.9% and 4.5%, respectively, in Q2. North American and European hedge funds have pared YTD losses to 5.1% and 7.0%, respectively.

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