Hedge Funds Fall Almost 2% In June

Jul 7 2011 | 10:33am ET

Hedge funds lost ground across the board in June, pushing the average hedge fund into the red for the year, according to the Credit Suisse Index Co.

The Dow Jones Credit Suisse Core Hedge Fund Index shed 1.95% last month, leaving the index down 1.1% on the year. June's difficulties followed a rough May, when the index fell 1.71%.

"Headlines over Eurozone debt concerns dominated markets and set the tone for a second consecutive negative month of hedge fund performance in June," Oliver Schupp, president of the Credit Suisse Index Co., said.

All but one of the seven strategies tracked by Credit Suisse and Dow Jones fell in June, with fixed-income arbitrage's 0.2% (2.38% year-to-date) return the only bright spot.

The other strategies were all red. Global macro suffered the ugliest month, losing 3.12% (down 4.04% YTD), followed closely by managed futures funds (down 2.92% in June, 4.44% YTD) and event-driven funds (down 2.69%, down 1.71% YTD).

Long/short equity funds lost an average of 1.66% (up 1.4% YTD), convertible arbitrage funds fell 1.45% (up 0.42% YTD) and emerging markets funds edged down 0.11% (up 2.38% YTD).

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