Hedge funds eked out a 0.05% gain for the month of June to end the first half up 1.7%, according to the HFRI Fund Weighted Composite Index.
The best performers included an equity hedge strategy—quantitative directional funds, up 1.81% for the month (and 4.64% year to date); and two relative value strategies—yield alternatives funds, up 1.50% for the month (2.46% YTD), and fixed income-asset backed funds, up 1.12% for the month (7.24% YTD).
The worst-performing strategies in June were equity hedge short bias, down 3.03% for the month (and 8.29% YTD); and macro systematic diversified funds, down 2.99% for the month (and 0.59% YTD).
All the emerging markets strategies followed by HFR ended June in the black, with an overall gain of 0.58%. Russia/Eastern Europe funds generated the best monthly returns at 1.56% (but are down 2.35% YTD).
Funds of funds lost ground in June, ending the month down 0.50% (although they are up 0.99% YTD).