Research

Hedge Fund Performance Commentary

Introduction

Hedge funds returned to their winning ways in July as global markets bounced back from a retreat in June amid positive announcements by central banks. The Eurekahedge Hedge Fund Index was up 1.02%1 during the month and the MSCI World Index2 was up by 4.83% in July.

July witnessed rallies in global markets which overcame the speculation about the slowdown in the US Federal Reserve's bond-buying program. Although Japanese equities finished lower for the third consecutive month, positive indications on accommodative monetary policy from the US as well as the European Central Bank were supportive for most global indices. Healthy Q2 corporate earnings from the US also helped to drive the upward momentum during the month.

July 2013 and June 2013 returns across regions

All major hedge fund investment regions, witnessed positive returns during the month. The Eurekahedge Asia ex Japan Hedge Fund Index saw the strongest gains amongst all regional mandates – up 1.93%, outperforming the MSCI Asia ex-Japan Index3 which was up 1.84% in July. North American hedge funds posted gains of 1.44% during the month as the S&P500 surged 4.95% in July on the back of upbeat corporate earnings, Fed announcements as well as positive macroeconomic data.

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Footnote

1Based on 56.93% of funds which have reported July 2013 returns as at 15 August 2013

2MSCI AC World Index All Core (USD)

3MSCI AC Asia Pacific Ex Japan Index All Core (USD)

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