The healthcare sector went on a tear beginning in 2011, thanks in large part to the passage of the Affordable Care Act and its impending implementat
Thursday, 19 January 2017
Last updated 18 hours ago
Jul 16 2009 | 11:01am ET
Hedge funds followed up their best month in nearly a decade with one that was, well, not their best month in nearly a decade.
The Credit Suisse/Tremont Hedge Fund Index rose just 0.43% last month, after soaring 4.06% in May. The index is up 7.18% on the year. By contrast, the Standard & Poor’s 500 Index rose just 0.2% in June, and is up 3.16% year-to-date.
“Hedge funds have finished in positive territory for five out of the last six months, posting returns of 0.43% in June, with gains for the year totaling 7.18%,” said Oliver Schupp, president of the Credit Suisse Index Co. “The second quarter appears to have been a turning point for hedge funds with 87% of all gains for the year generated in the last three months.”
June’s returns meet the very definition of the word “mixed”: Half of the Credit Suisse’s strategy benchmarks were in the black, half in the red.
Convertible arbitrage funds led all comers with a 4.05% return (23.95% year-to-date). Fixed-income arbitrage funds rose 1.83% (11.82% YTD), multi-strategy funds 1.62% (12.29% YTD), event-driven funds 1.02% (6.63% YTD) and emerging markets funds 0.69% (13.21% YTD).
Among the losers, none fell faster than managed futures funds, which shed 2.32% in June (down 7.43% YTD). Dedicated short-bias funds also tumbled, dropping 1.96% (down 10.81% YTD), as did global macro funds (down 0.85% in June, up 3.4% YTD) and equity market neutral funds (down 0.21%, up 1.1% YTD).
Long/short equity funds finished the month essentially flat, declining 0.04% in June (up 8.21% YTD).