Hedge funds posted gains through mid-July as the HFRX Market Directional Index gained 2.17 per cent and the HFRX Global Hedge Fund Index gained 1.03 per cent through mid-month.
HFRX Event Driven Index posted a gain of 1.56 per cent through mid-July, extending its strong performance from prior months.
The HFRX Distressed Index posted a gain 3.21 per cent for month, with contributions from exposure to the basic materials and consumer sectors.
The HFRX Special Situations Index gained 1.11 per cent from core positioning in LinkedIn, SABMiller, Yahoo and Macquarie Infrastructure.
The HFRX Merger Arbitrage Index declined 0.02 per cent with core exposures to Salesforce/Demandware, Huntington Bancshares/FirstMerit, Comcast/DreamWorks and Cousins Properties/Parkway Properties transactions.
HFRX Equity Hedge Index posted a gain of 1.45 per cent through mid-July as equity markets recovered after the Brexit vote with the European markets rising, US markets touching new highs and Emerging Markets also posting gains.
The HFRX Fundamental Growth Index gained 0.92 per cent for the period from exposure to the US consumer sector, emerging Asia and global healthcare.
The HFRX Fundamental Value Index posted a gain of 1.77 per cent for the period from exposure to US large-cap in the communications, industrial and consumer sectors.
The HFRX Market Neutral Index gained 0.49 per cent from contributions from mean reverting, factor based strategies and fundamental managers.
HFRX Relative Value Arbitrage Index posted a gain of 0.62 per cent through mid-July, with contribution from convertible, credit strategies and yield alternative managers.
The HFRX Convertible Arbitrage Index posted a gain of 1.07 per cent as gains from falling yields were partially offset by declines in volatility.
The HFRX Multi-Strategy Index gained 0.52 per cent from global credit strategies as European yields fell on the Brexit vote, while the HFRX MLP Index posted a gain of 2.86 per cent for the period.
HFRX Macro/CTA Index posted a gain of 0.26 per cent through mid-July, with continued strength in systematic managers only partially offset by discretionary fixed income strategies.
The HFRX Systematic Diversified CTA Index gained 0.97 per cent for the period, as metals gained while energy fell and the US dollar continued to strengthen against other major currencies.
