Greenwich Index Shows Strong July For Directional, Special Situations Hedge Funds

Aug 9 2011 | 1:48pm ET

July was something of a schizophrenic month for hedge funds, with long/short equity and market neutral funds broadly losing and directional traders and special situations funds broadly gaining, according to new data from Greenwich Alternative Investments.

The average hedge fund rose 0.7% in July, snapping a two-month losing streak, the Greenwich Global Hedge Fund Index shows. The index, which is now up 1.2% on the year, was buoyed by global and Asian funds and hurt by European and American funds.

It was also hurt by the larger strategies. Both equity market neutral and event-driven funds lost an average of 0.4% last month (down 0.2% and up 2.2% year-to-date, respectively), which arbitrage strategies were flat (up 1.3% YTD). Long/short equity funds were also losers, for the most part, falling 0.3% in July (up 0.5% YTD), although short-biased funds rose 1.7% on the month (down 0.4% YTD) during the market rout.

By contrast, futures funds added 3% to reach break-even for the year, macro funds 2.2% (up 1.1% YTD), long/short credit funds 1.1% (up 6% YTD) and multi-strategy funds 0.2% (up 0.8% YTD).


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