Hedge Funds Shed 0.70% In August

Sep 10 2013 | 8:15am ET

The HFRI Fund Weighted Composite index declined 0.70% in August, with mixed performance across various hedge fund strategies, bringing year-to-date gains to 3.87%.

Event-driven funds, overall, were down 0.04% on the month (up 6.88% YTD). Within that category, credit arbitrage funds added 0.8% on the month and distressed funds added 0.08%. In the red were merger arbitrage and special situations funds, down 0.11% and 0.24%, respectively.

Relative value arbitrage funds were down 0.46% on the month, dragged down by yield alternatives funds, which lost 1.76% on the month (but are up 10.10% YTD) and multi-strategy funds, down 0.54% on the month (up 4.11% YTD). Fixed-income convertible arbitrage funds added 0.22% (5.34% YTD), fixed-income asset backed added 0.15% (5.14% YTD) and fixed-income corporate funds added 0.05% (2.30% YTD).

Equity hedge funds were down 0.69% in August (but up 6.72% YTD). Within this category, market neutral funds were down 0.40% (up 3.49% YTD) and quantitative directional funds were down 0.72% (up 4.83% YTD). On the other hand, energy/basic materials funds were up 0.26% (down 2.20% YTD), technology/healthcare funds were up 0.29% (12.54% YTD) and short bias funds were up 0.58% (down 11.71% YTD).

Macro funds were down 1.20% in August (down 2.28% YTD).

Emerging markets funds were down 0.77% in August (down 0.39% YTD), with Latin American funds reporting the biggest losses (1.29%) on the month, followed by global funds (down 1.27%) and Russia/Eastern Europe funds (down 0.85%). Asia ex-Japan funds were up 0.02% (1.25% YTD).

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Editor's Note

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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…