The cruelest month came 30 days late to the Canadian hedge fund industry.
The country's hedge funds fell 2.59% last month, wiping out their year-to-date gains, the Scotia Capital Hedge Fund Performance Index shows. The average Canadian hedge fund is now down 0.13% for the year, on an asset-weighted basis.
Globally, hedge funds lost about 1.5% last month, according to several industry indices, and are up as much as 2% on the year.
On an equal-weighted basis, May looks less grim for Canadian funds, down just 1.15%, in line with global hedge fund indices. But through May, things actually look worse, with the Equal Weighted Scotia index down 0.53%.