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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.
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
Greenwich Global Hedge Fund Index
Market Neutral Group
Equity Market Neutral
Long-Short Equity Group
Directional Trading Group
Specialty Strategies Group
Greenwich Regional Hedge Fund Indices
Emerging Markets Global
Emerging Markets Asia
Emerging Markets Europe
Emerging Markets Latin America/SA
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.
Greenwich Alternative Investments