Monday, 27 April 2015
Last updated 21 min ago
Jun 3 2011 | 1:22pm ET
Hedge funds fell almost 1% last month as weak economic data weighed on stocks.
The Credit Suisse Liquid Alternative Beta Index dropped 0.9% on the month, cutting its year-to-date return to 4.05%. The Standard & Poor's 500 Index, burned by the same economic worries, did even worse on the month, losing 1.3%.
Long/short hedge funds' decline was in line with the broader hedge fund index, falling 0.93% in May. The strategy, which is up 5.58% on the year, "fell amidst downgraded economic outlooks and disappointing first-quarter earnings reports," Jordan Drachman, head of alternative beta strategies research at Credit Suisse, said.
Global strategies did even worse, losing 1.13% on the month (up 2.99% year-to-date), while event-driven funds fell a more modest 0.39% (up 5.465 YTD). Merger arbitrage funds managed a positive return on the month, adding 0.21% (5.24% YTD).
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…