Lipper Paints Grimmer Picture Of June Hedge Fund Returns

Jul 21 2009 | 7:03am ET

Just a handful of hedge fund strategies managed to make money last month, in one of the gloomier reports on industry performance in June.

While most hedge fund indices have shown hedge funds posting slightly positive, if broadly mixed, returns last month, Lipper said most strategies were in the red. Just four of the 13 strategies tracked by the data provider were in the black in June, and two of them only barely.

Convertible arbitrage funds were the best-performing strategy in June, rising 0.28%, according to Lipper. The strategy was also one of the best-performing in the second quarter, jumping 6.71%. Event-driven funds weren’t far behind, adding 0.23% in June and 6.11% on the quarter.

Two other strategies—fixed-income arbitrage and emerging markets—inched into the black in June. The former added 0.08%, while the latter managed a 0.003% return. Despite its miniscule rise last month, emerging markets had the second-best second quarter of any strategy, rising 11.25%, behind only long-only funds, which finished the year’s second three months up 17.86% after shedding 0.1% in June.

Managed futures funds and dedicated short-bias offerings were hardest-hit last month, falling 1.59% and 1.58%, respectively. No other strategy lost more than 1% in June.


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