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Greenwich Mid-Month Update: Hedge Funds Up +1.18% in July
Hedge funds reversed June losses in July returning +1.18%. Positive earnings reports and improved economic indicators pushed equity markets up. All but 3 strategies in the Greenwich Global Hedge Fund Indices returned positive results. 72% funds up.
Global Index Strategy Highlights
-Positive indicators drove the Global Index higher in July adding +1.18%, increasing the Index’s year-to-date performance to +4.25%. US investors appear to have left the anxiety from the Fed’s June announcement behind and focused on the positive earnings reported by the majority of the S&P 500 constituent companies for Q2. Improved outlook also seems to have extended to the Euro Zone where the Economic Commission’s Economic Sentiment Indicator reached a 15-month high.
-The Long-Short Equity Group had the strongest group performance overall this month (+2.44%) with Opportunistic mangers (+2.69%) edging out Value managers (+2.62%) to be the top performers in July. Growth managers were close behind adding +2.21% this month. Short-Biased managers however lost -5.16% on average making them the worst performers this month and year-to-date (-15.09%).
-With economies improving, distressed securities bets are paying off. The Distressed Securities Index improved +1.51% during July which brings the Index’s year-to-date total to +11.44% making it the top performing strategy thus far in 2013.
-Europe’s positive economic indicator is reflected in the positive performance by both the Emerging and Developed Europe Regional Indices. Europe’s Emerging Markets Index increased by +1.76% during July with the Developed Markets Index less than 50 bps behind (+1.34%).
To view Index results go to www.greenwichai.com.
The GGHFI is one of the oldest benchmarks of the hedge fund universe. Final Strategy and Regional index results for July will be available in early September, 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.
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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.
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