Hedge funds returned 1.05% in July, according to the RBC Hedge 250 Index, putting their year-to-date gains at 4.87%.
Most strategies tracked by the index ended the month in positive territory, with the exception of managed futures, down 0.16% (and down 1.82% YTD); and convertible arbitrage funds, down 0.05% (but up 5.93% YTD).
Mergers and special situations funds performed best in July, up 2.56% on the month (11.59% YTD); followed by equity long/short funds, up 2.35% (8.08% YTD); equity market neutral funds, up 1.40% (2.92% YTD); and fixed-income arbitrage funds, up 0.95% (3.32% YTD).
Credit funds were up 0.60% in July (6.35% YTD); multi-strategy funds were up 0.53% (7.09% YTD); and macro funds were flat, adding 0.02% (and are down 1.12% YTD).
The non-investable index is based on a universe of 4,566 hedge funds with aggregate assets under management of $1.517 trillion.