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Index Press Release - 13 August 2013


Hedge funds bounce back from lull to deliver winning returns in July

Hedge funds returned to their winning ways in July as global markets bounced back from a retreat in June. The Eurekahedge Hedge Fund Index was up 0.90%1 during the month, the MSCI World Index2 was up by 4.83% in July.

Key takeaways for the month of July 2013:

  • Hedge funds up by 0.90% in July, with 70% of reporting funds delivering positive returns during the month

  • Funds of hedge funds outperformed single manager funds in July, up 0.98% and remain ahead year-to-date

  • Japanese hedge funds outperformed the Nikkei 225 for the third consecutive month, up 18.63% as at end-July 2013

  • Hedge funds witnessed positive asset flows in July; net allocations for the year currently stand at US$75 billion

  • As at end-July 2013, Eurekahedge is currently tracking more than 550 funds that have delivered over 15%, 300 funds that are up more than 20% and 100 funds up more than 30%
 

Main Indices

Main Eurekahedge Indices July
2013*
2013 Returns 2012 Returns
Hedge Fund Index 0.90 3.30 6.50
Fund of Funds Index 0.98 3.79 4.11
Long-Only Absolute Return Fund Index 2.36 4.61 15.98
Islamic Fund Index 2.14 5.84 7.31

 

Regional Indices

Eurekahedge Regional Indices July
2013*
2013 Returns 2012 Returns
North American 1.21 4.95 7.89
European 1.19 3.30 6.94
Eastern Europe & Russia 0.72 -5.33 6.31
Japan 1.10 18.63 5.97
Emerging Markets 0.99 1.18 11.30
Asia ex-Japan 1.97 4.24 12.51
Latin American 0.56 -0.77 11.23

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.

All major hedge fund investment regions, witnessed positive returns in July. The Eurekahedge Asia ex Japan Hedge Fund Index saw the strongest gains among all regional mandates - up 1.97%, outperforming the MSCI Asia ex-Japan Index3 which was up 1.84% in July. North American hedge funds posted gains of 1.21% during the month as the S&P 500 surged 4.95% in July on the back of upbeat earnings, Fed announcements as well as positive macroeconomic data. Japanese hedge funds outperformed the underlying markets for the third consecutive month, gaining 1.10% despite declines in the Tokyo Topix (down 0.19%) and the Nikkei 225 (down 0.07%). Japanese equities were pushed into negative territory in July as the Yen appreciated against the dollar and the euro while corporate earnings were also disappointing.

 

Strategy Indices

Most strategies finished the month in positive territory with the exception of CTA/managed futures funds. The Eurekahedge Long Short Equities Hedge Fund Index saw the strongest gains of 1.95% in July, as most global equity markets rallied with the S&P500, FTSE100 and Hang Seng climbing 4.95%, 6.53% and 5.19% respectively. Event driven funds were up 1.54% as the strong IPO and M&A volume in 2013 continued to provide various opportunities for the funds. Distressed debt funds delivered positive returns for yet another month and are up 9.02% year-to-date. The Eurekahedge CTA/Managed Futures Index was the only strategy which saw negative returns of 0.61% in July and 2.12% year-to-date as systematic traders with a global mandate suffered losses. North American CTA/managed futures managers fared relatively better with discretionary strategies witnessing gains of 1.16% in the month.

 

Eurekahedge Strategy Indices July
2013*
2013 Returns 2012 Returns
Arbitrage 0.87 4.26 6.80
CTA/Managed Futures -0.61 -2.12 1.31
Distressed Debt 0.72 9.02 14.02
Event Driven 1.54 4.91 8.95
Fixed Income 0.36 2.39 11.24
Long/Short Equities 1.95 7.01 8.04
Macro 0.20 0.77 2.90
Multi-Strategy 1.04 2.43 7.68
Relative Value 1.63 3.83 10.66

 

Eurekahedge Global Hedge Fund Indices by Fund Size July
2013*
2013 Returns 2012 Returns
Small (< US$100m) 0.86 2.95 5.79
Medium (US$100m - US$500m) 0.82 4.26 7.15
Large (> US$500m) 0.80 3.23 7.39
Billion Dollar 0.76 3.61 8.58

 

Mizuho-Eurekahedge Indices July
2013*
2013 Returns 2012 Returns
Mizuho-Eurekahedge Index - USD 1.15 2.00 5.93
TOP 100 Index - USD 1.14 1.87 6.46
TOP 300 Index - USD 1.17 1.95 5.99

 

Asia-Eurekahedge Indices July
2013*
2013 Returns 2012 Returns
Greater China 1.62 7.05 13.49
India 10.64 1.33 12.62

 


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Footnotes

1Based on437.20% of funds which have reported July 2013 returns as at 13 August 2013
2MSCI AC World Index All Core (USD)
3MSCI AC Asia Pacific Ex Japan Index All Core (USD)

 

 


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