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Greenwich Mid-Month Update: Hedge Funds Rise 0.11% in June

Hedge fund managers ended modestly higher in June as the Greenwich Global Hedge Fund Index rose 0.1% for the month but lagged global equity returns. Arbitrage strategies were the best performers, returning 1.0%. 59% of constituents ended with gains.

FOR IMMEDIATE RELEASE

 
PRLog (Press Release) - Jul. 24, 2012 - Stamford, CT, USA, July 24, 2012 – Hedge fund managers ended modestly higher in June on average as the Greenwich Global Hedge Fund Index rose +0.11% for the month.  Arbitrage strategies were the best performers during the month, returning an average of +1.03%.  The GGHFI’s gain of +0.11% lagged global equity returns in the S&P 500 Total Return (4.12%), and MSCI World Equity (+4.93%) equity indices.  59% of constituent funds in the GGHFI ended the month with gains.



Global Index Strategy Highlights

•   Arbitrage funds are the best performers on the month, gaining +1.03% on average. Managers following Other Arbitrage strategies lead the way (+2.88%), followed by Fixed Income Arbitrage (+0.95%).
•   Global stock markets rebounded in June retracing some of May’s negative performance.  Long/Short Equity funds posted modest returns of +0.79% because of low net exposure (approx. 40%).
•   Long/Short Credit Funds experienced positive returns as credit spreads improved with the equity markets.  Long/Short Credit’s +0.94% return for June increased its YTD return to +4.82% making it the best performing YTD hedge fund strategy.  
•   Directional Trading funds struggled to find a trend in choppy markets, losing -1.4% on average. Within the group, Macro funds were basically flat in June (-0.01%), while Futures managers lost an average of -2.08%.
•   Regional results were mixed during the month, but Emerging Markets funds fared slightly better (+0.34%) on average than their Developed Markets counterparts (+0.24%). Eastern Europe focused funds turned in the best results (+1.83%). Funds investing in North American markets also outperformed other regions with a gain of +1.20%.

Strategy Group Results            
                  June   YTD
Greenwich Global Hedge Fund Index      0.11%   1.97%
                  
Market Neutral Group            0.44%   2.63%
   Equity Market Neutral         -0.13%   0.51%
   Event Driven            0.42%   2.61%
      Distressed Securities      0.91%   3.94%
      Merger Arbitrage      0.25%   3.13%
      Several Strategies      0.30%   1.61%
   Arbitrage            1.03%   4.54%
      Convertible Arbitrage      0.86%   5.62%
      Fixed Income Arbitrage      0.95%   4.68%
      Other Arbitrage         2.88%   4.82%
                  
                  
Long-Short Equity Group            0.79%   1.99%
   Growth               0.95%   1.99%
   Opportunistic            0.19%   0.31%
   Short-Biased            -2.48%   -11.85%
   Value               1.03%   3.03%
                  
Directional Trading Group         -1.40%   0.18%
   Futures               -2.06%   -0.28%
   Macro               -0.01%   0.82%
                  
Specialty Strategies Group         0.07%   3.29%
   Long-Short Credit         0.94%   4.82%
   Multi-Strategy            -0.47%   2.30%
                  
                  
                  
Greenwich Regional Hedge Fund Indices      June   YTD
Developed Markets            
   Composite            0.22%   2.23%
   Global               -0.59%   1.13%
   Asia               -0.07%   0.98%
   Europe               0.29%   3.04%
   North America            1.20%   3.47%
                  
Emerging Markets            
   Composite            0.34%   0.78%
   Emerging Markets Global         0.54%   0.08%
   Emerging Markets Asia         -0.63%   0.67%
   Emerging Markets Europe         1.83%   -0.63%
   Emerging Markets Latin America/SA   0.95%   3.09%



The GGHFI is one of the oldest benchmarks of the hedge fund universe.  Final Strategy and Regional index results for June will be available in early August, once additional funds have submitted returns.  Past performance and indices construction rules for all Greenwich Hedge Fund Indices may be viewed at www.greenwichai.com.



About Greenwich Alternative Investments

Greenwich Alternative Investments, LLC (and its affiliates) manages one of the world’s largest hedge fund databases and is among the oldest providers of hedge fund indices, asset management services, and research to institutional investors worldwide.



Contact:
Greenwich Alternative Investments
Stamford, CT
info@greenwichai.com
www.greenwichai.com

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