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Barclay Hedge Fund Index down 0.96 per cent in June

Hedge funds lost 0.96 per cent in June, according to the Barclay Hedge Fund Index compiled by BarclayHedge.

The index is now up 0.13 per cent year-to-date.

All but five of Barclay’s hedge fund indexes lost ground in June.

The Barclay Equity Long Bias Index fell 2.95 per cent, healthcare and biotechnology lost 2.62 per cent, the Technology Index was down 2.22 per cent, equity long/short lost 1.78 per cent, and Pacific Rim equities were down 1.52 per cent.

“Fears of a ‘double-dip’ recession helped drive equity markets lower for a second month,” says Sol Waksman, founder and president of BarclayHedge.

Four hedge fund strategies performed well in June. The Barclay Equity Short Bias Index jumped 4.08 per cent, fixed income arbitrage was up 0.75 per cent, merger arbitrage gained 0.60 per cent and the Convertible Arbitrage Index rose 0.31 per cent.

“On the  other side of the flight to quality trade, prices for US ten-year Treasuries  rose two per cent in June as risk-adverse traders sold stocks and then bought  bonds with the proceeds,” says Waksman.

The two best performing hedge fund sectors in 2010 are the Distressed Securities Index, up 6.26 per cent after two quarters, and the Fixed Income Arbitrage Index, which has gained 5.53 per cent.

“The ongoing rally in bond markets has been the ‘wind behind the sails’ for sectors that are interest rate sensitive,” says Waksman.

The Barclay Fund of Funds Index lost 0.74 per cent in June and is down 1.34 per cent year-to-date.

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