Hennessee: Hedge Funds Shed 1.3% In June, First Loss Of '13

Jul 11 2013 | 11:47am ET

Hedge funds bested the broader markets in June, but at the cost of the industry's first losing month of the year.

The average hedge fund dropped 1.3% last month, according to the Hennessee Hedge Fund Index. The Standard & Poor's 500 Index fell 1.5% in June.

"Hedge funds posted their first monthly loss of the year in June," Hennessee Group co-founder Charles Gradante said. "While June saw the return of a 'risk-on, risk-off' trading environment, many managers maintained portfolio exposures, viewing the correction as technical in nature and not reflective of a change in underlying fundamentals."

"We are likely to see the beginning of a reversal in the long S&P 500 and short emerging markets trade," he continued. "Global and macro managers are likely to go long emerging markets and short the S&P 500."

Equity long/short hedge funds lost 0.75% on the month.


In Depth

Q&A: Sancus Capital And The Disruption Of The CLO Market

Oct 5 2017 | 6:28pm ET

Traditional collateralized loan obligation (CLO) funds in the U.S. market can offer...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Finding Success as Alternatives Converge

Oct 9 2017 | 4:00pm ET

Rising interest among institutional investors over the past several years has led...

 

From the current issue of