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Hedge funds battle macro headwinds to post flat returns of 0.04% in August

Tuesday, September 20, 2022
Opalesque Industry Update - The Eurekahedge Hedge Fund Index gained 0.04% in August, a second consecutive month of positive returns following a 1.5% gain in July, even as the broader markets continued to plummet.

Following back-to-back monthly gains, global hedge funds have pared back losses to 4.1% YTD. By comparison, the S&P 500 is down 17.0%.

Distressed debt (1.7%) was the top-performing strategy in August, marking the highest monthly return since May 2021.

Multi-strategy (0.9%), arbitrage (0.7%) and macro (0.6%) funds posted their second consecutive month of positive returns, paring back some of their Q2 losses.

Returns were positive across sub-strategies in August, except for AI (-2.9%) and long-bias (-0.7%). Trend-following (1.9%) was the best performer in August, marking a sharp turnaround after suffering three consecutive months of negative returns totaling 5.5%.

Asia (0.5%) was the best-performing region, supported by the People's Bank of China's move to cut several key reference rates in August to help revive an economy that has struggled with a slowdown in the housing market and the zero-Covid strategy.

Funds focused on North America (-0.4%) and Europe (-0.8%) resumed their downward trend in August after recording positive returns in July..

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