Saturday, 23 August 2014
Last updated 12 hours ago
Jul 10 2013 | 1:37pm ET
Hedge funds were bathed in red in June, as all but a handful of strategies suffered losses.
The average hedge fund fell 1.31% last month, according to Hedge Fund Research's HFRI Fund Weighted Composite Index. The benchmark is up 3.59% on the year.
Among major strategies, emerging markets hedge funds were hardest-hit, falling 3.96% in June (down 0.28% year-to-date). Macro dropped 1.45% (down 0.35% YTD), equity hedge 1.37% (up 5.34% YTD), event-driven 1.16% (up 5.44% YTD) and relative-value 0.93% (up 3.26% YTD).
Among substrategies, there were a handful of winners last month—yield alternatives rose 1.65% (12.41% YTD), short-bias 0.74% (down 9.96% YTD), technology and healthcare 0.65% (9.21% YTD) and equity market-neutral 0.43% (3.34% YTD). But they were vastly outnumbered by the losers.
Asia ex-Japan funds lost 5.74% on the month (up 0.86% YTD) and Latin America funds 5.15% (down 5.43% YTD). Russia and Eastern Europe funds dropped 2.78% (down 2.99% YTD) and global funds 2.38% (up 0.87% YTD).
Outside of emerging markets, things were better—but not by much. Corporate fixed-income shed 2.66% (up 0.7% YTD), systematic diversified 1.79% (down 0.51% YTD), multi-strategy relative-value 1.42% (up 3.93% YTD) and distressed and restructuring 1.18% (up 6.84% YTD). Merger arbitrage fell 0.49% (up 1.21% YTD), convertible arbitrage 0.4% (up 4.94% YTD) and quantitative directional 0.31% (up 4.9% YTD).
The HFRI Fund of Funds Composite Index gave back 1.44% in June to cut its 2013 return to 3.28%.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note