Canadian Hedge Funds Melt In May

Jun 17 2011 | 3:51am ET

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%.

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