Equity Long/Short Drives Hedge Fund Performance

Jun 12 2008 | 2:00am ET

Most hedge fund strategies enjoyed an up May, according to the Dow Jones Hedge Fund Strategy Benchmarks.

Equity long/short funds were far and away the best performers on the month, rising 5.18%, Dow Jones said. The big returns pushed the strategy into the black for the year: It is now the second-best performing strategy of 2008 at 2.11%, behind event-driven funds, which are up 2.86% year-to-date after returning 1.58% last month.

Merger arbitrage funds rose 1.68% in May (up 1.46% YTD).

Three strategies remain in negative territory on the year. Convertible arbitrage remains this year’s laggard, down 5.93% in 208 after rising 0.72% last month. Distressed securities funds are down 3.72% after a 0.6% return in May. Equity market-neutral has the dubious distinction of being the only strategy to lose money last month, falling 0.07%, and is now down 0.54% year-to-date.


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