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Event driven and equities strategies lead hedge fund gains in August

Hedge funds posted gains in August led by event driven and equity hedge strategies, with the HFRX Event Driven Index gaining +1.10%, and the HFRX Global Hedge Fund Index gaining +0.33% for the month, according to the latest data from HFR.

Merger arbitrage managers and special situations equity strategies drove event driven gains as activity in global M&A deals continued through the month. The HFRX Special Situations Index gained +1.08% for the month from exposures to global catalyst-driven, fundamental value equities.

The HFRX Equity Hedge Index meanwhile, posted a gain of +0.27% in August from gains in market neutral and fundamental value strategies partially offset by declines in fundamental growth strategies. The HFRX Market Neutral Index gained +0.66% for the month from gains in mean reverting, factor-based strategies and fundamental value managers. The HFRX Fundamental Value Index was up +0.43% on the back of gains in exposure to large-cap US & European equities, while the HFRX Fundamental Value Index posted a fall of -0.08% from declines concentrated in small-cap US & European equities.

The HFRX Macro/CTA Index was also in negative territory recording a fall of -0.04% for the month led by declines in systematic trend-following managers, while the HFRX Macro Systematic CTA Index was down -0.45% for the month, with US Dollar mixed against most currencies, but falling against the sterling, the euro and the Swiss franc.

The HFRX Relative Value Index posted a decline of -0.15% on the back of falls in convertible arbitrage strategies and multi-strategy managers. The HFRX RV: Multi-Strategy Index declined -0.08% as interest rates increased led by longer dated maturities, while the HFRX Convertible Arbitrage Index declined -0.96% as volatility declined in August.

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