Friday, 25 July 2014
Last updated 41 min ago
Jul 20 2009 | 12:46pm ET
It doesn’t get much more mixed than this: Hedge Fund Research’s HFRX Global Hedge Fund Index returned just 0.04% last month, while 27 of the 55 strategy and sub-indices tracked by HFR finished June in the red.
The overall HFRX Global index rose 5.56% in the first half, well behind most other hedge fund indices, which added approximately 10% in the first six months of the year.
The index was kept above water last month by activist hedge funds, which rose 5.49% (21.15% YTD), China-focused funds (up 3.82% in June), Asia ex-Japan funds (3.14%, 21.22% YTD) and relative-value arbitrage funds (3.09%, 16.26% YTD).
Like the rest of their hedge fund peers, emerging markets funds were strongly mixed in June. China funds did well, and are the best-performing strategy of the first half with a 36.26% return, but funds focused on Russia and India took a bath last month, dropping 3.96% and 2.88%, respectively. Still, they remain among the top-performing hedge fund strategies of the year, with India funds up 33.45% and Russia funds up 20.55%. BRIC funds—those focusing on Brazil, Russia, India and/or China—are up 24.36% year-to-date, following last year’s disastrous losses for emerging markets funds.
India- and Russia-focused funds weren’t the only losers last month, although Russian funds did take the biggest hit. Systematic diversified funds dropped 3.4%, and posted the worst first half of any strategy with a 9.43% decline. Macro funds shed 3.33% on the month (down 5.96% YTD), active traders fell 3.06% (up 0.28% YTD) and distressed securities funds dropped 2.34% (down 8.65% YTD).
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…