Hedge Funds Add 1.82% In July

Aug 12 2013 | 12:49pm ET

Hedge funds rebounded in July after losing ground in June, according to the latest data from the Hennessee Group.

The Hennessee Hedge Fund Index rose 1.82% in July and is now up 6.91% year to date.

“Several managers were encouraged to see that $60 billion was redeemed from bond mutual funds in June, with most of it going to savings.” said Hennessee co-founder Charles Gradante, in a statement. “That money is building on the sidelines representing new future demand for equities.”

Equity long/short hedge funds gained 2.95% in July  (11.22% YTD), arbitrage event-driven strategies were up 1.01% in July (5.82% YTD) and distressed funds were up 1.39% in July (8.31% YTD).

Merger arbitrage funds were up 1.66% in July (5.23% YTD) and convertible arbitrage funds were up 0.11% on the month (3.93% YTD).

Global/macro strategies added 0.66% in July (1.64% YTD). Emerging market funds rose 1.87% (3.42% YTD) and macro funds rose 0.34% on the month (but are down 1.73% YTD).


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