Fixed Income and Multi-Strategy were the only UCITS strategies that managed to generate positive returns in what proved to be a tricky month of May.
Fixed Income and Multi-Strategy were the only UCITS strategies that managed to generate positive returns in what proved to be a tricky month of May. Overall, the UCITS Alternative Index Global fell 0.50 per cent in a near one per cent swing month-on-month to leave it at just 0.17 per cent YTD. There was a striking degree of correlation amongst strategies, although the outright worst performer was the CTA Index, down 2.11 per cent to leave it down 1.51 per cent for the year: also the worst YTD performance. Fund of Funds have been yo-yoing all year: up one month, down the next. The index fell 0.96 per cent in May, as did Emerging Markets (-0.77 per cent), Event-Driven (-0.50 per cent), FX (-1.15 per cent) and Equity L/S (-0.45 per cent). Although the Commodities Index was the second worst performing strategy, down 1.17 per cent in May, it remains far and away the strongest strategy within the alternative UCITS universe for 2011: up 3.63 per cent, with Event-Driven, (up 1.37 per cent YTD), its nearest challenger. It’s been a tough and largely uninspiring first five months for alternative UCITS funds from a performance perspective. As of end-May, the UCITS Alternative Index was composed of over 700 hedge funds and FoHFs totalling over EUR115billion in AUM.
