Emerging Markets, Macro Push HFRI Index Up

Jul 19 2007 | 11:22am ET

Yet another hedge fund index shows hedge funds on top of the world in June, relatively speaking, as emerging markets and macro funds bucked the downward trend in equities.

Hedge Fund Research’s HFRI Fund Weighted Composite Index rose 0.89% in June, paced by emerging markets funds, which rose 2.49% on the month and are up 14.75% year-to-date, nearly twice the return of another other HFRI index. The overall HFRI index has returned 7.7% year-to-date.

The Standard & Poor’s 500, hurt by declining equities markets, fell more than 1% last month, and is up 6.96% year-to-date.

Macro funds and equity hedge funds tracked by the HFRI indices also posted strong months, rising 1.73% (5.83% YTD) and 1.01% (8.27% YTD), respectively. Merger arbitrage was the only strategy in the red in June, falling 0.73% (up 5.82% YTD).

The HFRI Fund of Funds Composite Index rose 0.77% last month, and is up 7.92% year-to-date.

Separately, HFR announced the rollout of five indices to cover hedge funds investing in Asia. Part of its HFRX series of indices, the new products cover Japan, Asia ex-Japan and Asia including Japan, as well as an equal-weighted index and an Asia composite index.

“Hedge funds focusing on Asian exposure—emerging, developed and a combination of both—continue to attract capital from hedge fund investors interested in accessing the tremendous growth of Asian economies,” Kenneth Heinz, HFR president, said. “Hedge fund exposure to Asian markets and situations is increasingly not only from Asian-based managers, but also from many European and U.S.-based managers as well.”

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