Hedge Fund Performance Commentary

The Eurekahedge Hedge Fund Index was up 0.62% in July, supported by gains in developed market equities and bonds over the month. The MSCI ACWI (Local) ended the month up 0.83% with US equities outperforming other markets. The anticipated rate cut from the Federal Reserve combined with the resumption of the US-China trade talks after the breakdown in May boosted the US equity markets and pushed Wall Street’s three major stock indices to new all-time highs during the month. On the other hand, the trade dispute between Japan and South Korea, together with lacklustre economic data in India pushed Asian equities lower. Returns were positive across geographic mandates in July, with North American fund managers gaining 0.32% and Asia ex-Japan fund managers up 0.73%. Fund managers utilising equity long-bias strategies gained 0.62% throughout the month, pushing their year-to-date return to 11.65%.

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