Greenwich: Hedge Funds Add 0.19% In June

Jul 23 2009 | 2:27am ET

Hedge funds matched the returns of the broader markets during a mixed June, according to Greenwich Alternative Investments.

The Greenwich Global Hedge Fund Index rose 0.19% last month, in line with the Standard & Poor’s 500 Index’s 0.2% return. The Greenwich index jumped 9.1% in the first half.

Most of the hedge funds in the Greenwich index—54%—ended last month in positive ground, as did most of the index’s strategy and substrategy subindices. But most did not go far, ending the month up or down less than 1%.

Fixed-income and special situations hedge funds did the best in June, adding 2%. The former is up 12% and the latter 13.9%, respectively, year-to-date. Convertible arbitrage funds did nearly as well, adding 1.9% on the month to reach 25.6% for the first half, the best result of the first half. Event-driven funds added 1.4% on the month (9.9% year-to-date), with both merger arbitrage and fixed-income arbitrage funds returning 1.1% (4.3% and 8.7% YTD, respectively).

Futures funds were the worst-performing hedge funds in June, dropping 1.6% (down 2.2% YTD). Just three other strategies and substrategies were in the red: macro (down 0.5% in June, up 5.4% YTD), equity market-neutral (down 0.1%, up 1.3% YTD) and opportunistic (down 0.1%, up 7.4% YTD).

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