Red August Rising For Hedge Funds

Aug 21 2013 | 11:08am ET

August is shaping up as a bloodbath for hedge funds, according to Hedge Fund Research.

The HFRX Global Hedge Fund Index is down 0.4% through Aug. 16, cutting its year-to-date gains to 3.78%. And the losses are widespread, with only relative-value funds emerging in the black.

The average relative-value fund rose 0.17% on the month (1.61% year-to-date), with convertible arbitrage funds adding 0.44% (10.15% YTD) and multi-strategy funds 0.09% (down 0.02% YTD). The only other strategies enjoying gains in August are multi-region funds (0.19% in August, 4.29% YTD) and merger arbitrage funds (0.12%, 2.57% YTD).

The much more numerous losers were led by master-limited partnerships, the year's best strategy but early August's worse with a 1.52% decline (up 16.97% YTD). Equity-market neutral funds shed an average of 1.01% (up 0.18% YTD), emerging markets funds 0.94% (up 1.38% YTD), equity hedge funds 0.81% (up 6.41% YTD), fundamental value funds 0.8% (up 10.94% YTD), North America funds 0.78% (up 7.12% YTD) and fundamental growth funds 0.77% (down 0.55% YTD). Macro funds and commodity trading advisers were down 0.7% (down 2.29% YTD), special situations funds 0.34% (up 11.39% YTD), event-driven funds 0.32% (up 8.82% YTD), distressed restructuring funds 0.26% (up 3.77% YTD) and credit funds 0.11% (up 5.52% YTD).


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