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Funds of hedge funds negative in H1, says Citco

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Funds of hedge funds administered by the Citco group of companies (Citco) experienced negative performance in the first half of the year, with an average weighted return of -5% and a median return of -4.37%.

The largest portfolios bucked the trend, with funds with assets of more than $1B returning a gain of 0.17% over the first six months of the year – and 58% of this grouping delivering positive returns.

Funds holding between five and 20 underlying portfolio positions outperformed the more diversified funds, with an average return of -3.01%.

Results significantly varied between funds, with average returns for the bottom 10th percentile at  -23.09%, compared to +10.81% in the top 90th percentile.

Overall, capital flows were broadly flat in the first six months, with a -0.2% decline in AuM from net capital activity.

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