The European Fund and Asset Management Association (EFAMA) has just released its latest press release on fund performance in May. And for UCITS III funds, the results are a mixed bag. On the plus side, long-term Ucits have enjoyed net inflows of EUR 108 billion in 2010. On the down side, however, Ucits endured EUR 23 billion in net outflows for May (EUR 8 billion of which was in long-term Ucits), representing the first negative outflow since March 2009. Last week, Hedgeweek also reported that the UCITS HFX Index was down 0.15% in June. Month-to-date, the Index is down 0.05% although the second week of July did post a 0.41% gain. Convertible (1.42%), L/S Equity (0.98%) and Event Driven (0.68%) are currently this month’s top performing strategies. Whether inflows for 2H10 will be as strong as those seen in the first five months remains to be seen.