Hedge Funds were up 0.90 per cent in May according to the Barclay Hedge Fund Index compiled by BarclayHedge, versus a 2.41 per cent increase in the S&P 500 Total Return Index. Year to date, the Barclay Index is up 1.16 per cent, while the S&P has gained 2.02 per cent.
“Biotech and information technology led stock markets higher in developed economies, while emerging market equities continued lower for another month,” says Sol Waksman (pictured), founder and president of BarclayHedge.
All but two of Barclay’s 17 hedge fund indices had gains in May. Healthcare & Biotechnology jumped 4.88 per cent, adding to a 4.95 per cent gain in January. Technology was up 3.65 per cent, Equity Long Bias gained 1.79 per cent, the Event Driven Index added 1.75 per cent, and Distressed Securities were up 1.62 per cent.
In the loss column, Emerging Markets were down 1.28 per cent, and the Convertible Arbitrage Index gave up 0.45 per cent. After 14 consecutive months of gains beginning in December 2016, Emerging Markets have experienced a trend reversal with four straight months of losses.
At the end of May, 13 hedge fund indices have gains in 2018, while four have losses. The Healthcare & Biotechnology Index is currently up 8.09 per cent, and is on track to match its 21.77 per cent return in 2017. Technology has gained 6.82 per cent, Distressed Securities are up 4.07 per cent, and European Equities have gained 2.88 per cent.
Emerging Markets have lost 1.38 per cent year to date, Merger Arbitrage is down 1.29 per cent, the Global Macro Index has lost 1.15 per cent, and Pacific Rim Equities are down 1.12 per cent.
The Barclay Fund of Funds Index gained 0.44 per cent in May, and is up 0.80 per cent for the year.
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