Friday, 26 August 2016
Last updated 13 hours ago
Sep 9 2013 | 11:25am ET
Whatever strategy they pursue, hedge funds struggled through a difficult August.
All eight strategies tracked by Greenwich Alternative Investments lost ground last month, with the benchmark Greenwich Global Hedge Fund Index shedding 0.75%. The result did, at least, give the index a rare win over the Standard & Poor's 500 Index, which lost 2.9% on the month.
For the year, however, the Greenwich index remains far behind the broader markets, up just 3.49% to the S&P500's 16.16%.
Arbitrage funds were hardest-hit in August, falling an average of 1.17% (up 2.73% year-to-date). Futures funds dropped 0.99% (down 3.46% YTD), macro funds 0.96% (up 1.61% YTD), equity-market neutral funds 0.92% (up 1.12% YTD) and long/short equity funds 0.83% (up 6.43% YTD).
Event-driven funds, the year's best performing strategy with a 7.31% return, managed a more modest decline in August, falling 0.41%. Multi-strategy funds shed 0.22% (up 2.58% YTD) and long/short credit funds inched down 0.01% (up 2.29% YTD).