Money flows

Hedge fund investors redeemed USD8.6bn in June

Hedge fund flows went negative for the first time this year in June, according to estimates from BraclayHedge and Trim Tabs based on data from 3,369 funds.

 
Hedge fund investors redeemed a net USD8.6bn (0.4 per cent of assets) in June, the largest outflow since October 2012 (USD10.3bn outflow) and a sharp turnaround from an USD18.8bn inflow in May.
 
“Despite the June setback, year to date flows to the hedge fund industry stayed,” says Sol Waksman, president and founder of BarclayHedge. “In the first five months of this year the industry took in USD35.7bn, compared with just USD484m in the same period last year."
 
The TrimTabs/BarclayHedge Hedge Fund Flow Report noted that equity long only funds lost 1.4 per cent in June, slightly underperforming the 1.3 per cent loss in the Russell 3000 Index.
 
“Equity long bias funds lost 0.9 per cent in June, reversing a 2.6 per cent gain in May and marking the first negative month since losing 0.4 per cent in October 2012," says Waksman.
 
Funds of hedge funds shed USD1.5bn (0.3 per cent of assets) in June, reversing a USD428m inflow in May. Funds of funds have attracted net inflows in just three of the past 24 months.
 
The TrimTabs/BarclayHedge Survey of Hedge Fund Managers found that managers grew less bearish on the S&P 500 in July, but opinions were pretty evenly split between bullish or neutral on the market’s prospects for August.

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