L/S Equity Funds Post Biggest May Gains

Jun 7 2013 | 10:37am ET

Long/short equity funds rose 2.13% in May, the best performance of the month, putting them up 7.89% year to date.

Hedge funds added 0.7% on average in May, according to the latest data from eVestment, putting them up 4.6% year to date.

Following long/short equity funds were event-driven/distressed strategies, up 1.67% on the month; macro strategies, up 1.57%; market neutral equity up 1.49%; and convertible arbitrage, up 1.40%. Other strategies ending the month in the black were directional credit, up 0.72% and multi-strategy, up 0.30%.

Two strategies lost ground in May: relative value credit funds shed 0.12% and managed futures funds shed 2.12%.

Managed futures is the worst performing strategy YTD, down 1.21% (the only strategy to end the first five months of 2013 in the red).

In regional terms, Japan funds rose only 0.50% in May, after shooting up almost 20% in the first five months. China funds were the best performing emerging market funds in May adding 4.70%, and are up 10.82% YTD.

Updated investor flow figures for April show event-driven strategies had the strongest inflows ($2.89 billion) while managed futures funds recorded the steepest losses ($4.45 billion).

Total hedge fund assets as of end-April were $2.694 trillion.


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