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Hedge funds positive again in July


Hedge funds around the world generally continued delivering positive returns in July, starting off the second half of 2019 in the green with aggregate industry performance at +0.73 per cent, according to the latest eVestment hedge fund performance figures. 

July’s results bring year-to-date (YTD) aggregate performance to +7.67 per cent.
 
Managed Futures funds were among the performance leaders in July, returning an average of +2.29 per cent in July, with YTD performance hitting +8.60 per cent. The 10 largest funds in the Managed Futures group performed even better, returning +4.62 per cent in July and +12.24 per cent YTD.

Long/Short Equity funds produced another month of gains, +0.58 per cent in July, bringing YTD returns to +10.36 per cent. This YTD performance is the strongest among all primary strategies.

Among primary hedge fund strategies, only Relative Value Credit and Distressed funds saw negative performance in July, at -0.11 per cent and -0.26 per cent in July. However both types of funds are in the green, with returns above +4 per cent YTD.

Despite large losses from exposure to India (-7.73 per cent in July), Emerging Markets funds were positive in July, led by funds focused on Brazil, which returned +3.52 per cent in July. YTD Brazil-focused funds have returned +12.93 per cent.

While lagging a bit in July, hedge funds focused on Russia and China are the strongest performers in the hedge fund business YTD, returning +18.70 per cent and +17.03 per cent this year respectively.
 
The hedge fund industry’s strength may be tested in the coming months, however. With the S&P down over 3 per cent in the first week of August, it will be interesting to see how August unfolds for hedge funds, particularly how the two leading primarily strategies of 2019, Long/Short Equity and Managed Futures funds react.

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