Thursday, 29 September 2016
Last updated 18 min ago
Sep 7 2012 | 10:55am ET
With eight months in the books, hedge funds have a long way to go to impress in the last four of the year.
The average hedge fund rose just 0.51% in August, according Hedge Fund Research's HFRX Global Hedge Fund Index. The benchmark is up 2.29% for the year—a far cry from the roughly 12% return managed by the Standard & Poor's 500 Index over the same period.
Most strategies and sub-strategies tracked by the HFRX suite were up in August, but none matched the S&P500's nearly 2% jump. The closest to that market were master-limited partnership funds, which rose 1.77% in August (3.09% year-to-date).
Special situations funds added an average of 1.21% (2.29% YTD). Event-driven funds rose 0.92% (4.2% YTD), equity hedge funds 0.84% (2.6% YTD), fundamental value funds 0.71% (3.57% YTD), convertible arbitrage funds 0.67% (5.89% YTD), emerging markets funds 0.54% (5.55% YTD) and fundamental growth funds 0.52% (2.88% YTD).
Systematic diversified commodity trading advisers were the worst in August, falling 1.54% (down 3.05% YTD). Distressed restructuring funds gave back 0.34% on the month (up 3.15% YTD), equity market neutral funds 0.08% (down 5.11% YTD) and macro funds and CTAs 0.02% (down 0.37% YTD). Multi-strategy relative-value arbitrage funds were perfectly flat on the month, leaving them up an average of 1.5% on the year.