Hedge funds post sixth successive monthly gain
Hedge funds are projected to rise by 1.7 per cent for August, the sixth successive month of gains, according to the Credit Suisse/Tremont Hedge Fund Index.
The August growth projection, following a 2.54 per cent rise in July, has pushed growth for the asset class for the (calendar) year to growth of 11.74 per cent.
The August rise, which is based on 54 per cent of assets reporting, was achieved amid a wide dispersion of returns across global equity markets.
Amid the volatility, managers with net short portfolios performed better in August than they have during previous months of the six-month rally.
As a whole, long/short equity managers finished up on the index by an estimated 1.42 per cent.
Emerging market managers returned an estimated 2.18 per cent and event-driven managers 2.46 per cent.
The latter groups “continued to take advantage of tailwinds in equity and credit markets in the ‘distressed’ category”, according to a Credit Suisse media release.
Managed futures posted returns of 0.79 per cent for the month, while convertible arbitrage managers rose by 3.37 per cent, the latter category recording its eighth successive month of gains.
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