Friday, 26 December 2014
Last updated 2 days ago
Aug 13 2013 | 9:48am ET
Hedge funds rose 1.2% last month, leaving them up less than one-quater as much as the Standard & Poor's 500 Index for the year.
eVestment's Hedge Fund Aggregate is up 4.49% through July. The S&P500, by contrast, is up 19.62% on the year after a 5% surge last month.
Long/short equity funds led the way in July, rising 2.55% (8.38% year-to-date), followed by event-driven and distressed funds at 1.65% (6.51% YTD), multi-strategy funds at 1.51% (3.27% YTD) and equity-market neutral at 1.1% (1.05% YTD).
"Funds most willing to embrace the current equity market euphoria have been among the industry's best performers," eVestment said. "On a sector-by-sector basis, technology, healthcare and micro-cap funds were best situated in July for another month of new records from equity indices."
Among the less-well-situated were convertible arbitrage funds, up 0.25% in July (3.78% YTD), directional credit (up 0.06% in July, 5.11% YTD), relative-value credit (0.03% (2.36% YTD), macro (down 0.83%, down 0.79% YTD) and managed futures (down 0.87%, down 2.29% YTD).
Developed markets funds topped emerging markets funds, both for the month and for the year, with the former up 1.71% (8.57% YTD) and the latter 1.34% (2.14% YTD). Among emerging markets, Africa and the Middle East was the place to be last month, with funds focused on those regions rising 5.12% (14.72% YTD) and Brazil the place not to be (down 1.74%, down 7.56% YTD).
eVestment also reported June hedge fund outflows, with investors pulling $7.81 billion from funds on the month, cutting year-to-date net inflows to $4.02 billion. Relative-value credit funds were most popular, taking in $6.8 billion in new capital, and macro and long/short equity were least popular, with net outflows of $4.49 billion each.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.