Bleak July For Investable Funds: RBC

Aug 12 2008 | 3:10pm ET

Investable hedge funds fell by 2.37% in July, according to the latest numbers from RBC Capital Markets.

Just one of the nine strategies tracked by RBC was in positive ground last month as the RBC Hedge 250 Index saw its year-to-date loss expand to an estimated 4.2%. Mergers and special situations funds in particular took it on the chin, losing 3.1% in July (down 2.34% year-to-date).

Convertible arbitrage funds also took a big hit, falling 2.84% on the month (down 3.57% YTD). Other big losers included equity long/short and multi-strategy funds, with declines of 2.76% (down 3.09% YTD) and 2.52% (down 8.87% YTD), respectively. Multi-strategy funds have been the worst-performing category in the RBC index this year.

Fixed-income arbitrage was the only strategy in the black last month, according to RBC, returning 1.39% (down 0.86% YTD). Managed futures funds, despite a 1.88% drop in July, remain the best-performing strategy of the year at 9.18%. Only one other strategy, macro, is in positive ground in 2008, with a year-to-date return of 2.96% after a 1.13% decline last month.

Event-driven credit hedge funds and equity-market neutral offerings declined 2.19% (down 6.36% YTD) and 2.2% (down 1.18% YTD), respectively.


In Depth

Steinbrugge: Top 10 Hedge Fund Industry Trends for 2017

Jan 3 2017 | 9:03pm ET

Each year, Agecroft Partners' Don Steinbrugge predicts the top hedge fund industry...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

DarcMatter: The Top Trends in Alternative Investments for 2017

Jan 13 2017 | 8:22pm ET

The $7 trillion alternative investments industry is poised for continued growth...

 

From the current issue of

The U.S. Commodity Futures Trading Commission (CFTC) ordered The Goldman Sachs Group Inc., and Goldman, Sachs & Co. to pay a $120 million penalty for attempted manipulation and false reporting of ISDAFIX Benchmark Rates, a global benchmark for interest rate products.