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Eurekahedge Index Flash - June 2011

Eurekahedge Index Flash - June 2011

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Published by Eurekahedge
Hedge funds end a ten month run of gains; still outperform
underlying markets
Hedge funds end a ten month run of gains; still outperform
underlying markets

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Categories:Types, Brochures
Published by: Eurekahedge on Jun 08, 2011
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07/08/2011

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Index Flash
Hedge funds end a ten month run of gains; still outperformunderlying markets
1
 
 Hedge funds were down 1.15%
1
 in May, ending a ten month winning runfor the industry. However managers in all regions outperformed theirrespective underlying market indices, as the MSCI World Index declinedby 2.52%
2
 during the month.Key highlights for May:
 
Hedge funds in all regions outperformed underlying markets
 
Net asset flows remained positive – US$4.7 billion of capitalinvested in hedge funds
 
Net asset flows for first five months exceed US$100 billion
 
Latin American managers deliver positive returns for May, up0.65%
 
Relative value hedge funds up for twelfth consecutive month,gaining 12.30% during this time
The 2011 Asian Hedge Fund Awards event pictures are now live!
 Pictures from the 2011 Eurekahedge Asian Hedge Fund Awards can nowbe found online on the award's web page. 
Main Indices
 
Table 1: Main Indices
 Index May 2011Est
1
 2011Returns 2010Returns Eurekahedge Hedge Fund Index-1.151.61 10.84Eurekahedge Fund of Funds Index-1.310.27 4.48Eurekahedge Long-Only AbsoluteReturn Fund Index-0.141.32 15.25Eurekahedge Islamic Fund Index-0.451.83 9.44
Regional Indices
 Latin American hedge funds delivered the best performance in May,making it the fourth consecutive month of positive returns. The
Eurekahedge Latin American Hedge Fund Index
was up 0.65% during themonth, bringing its YTD return to 3.41%. The MSCI EM Latin AmericaIndex was down 3.18%. Japan outperformed underlying markets, losing0.24% while the Nikkei 225 declined 1.58%. Japanese managers had
 
Index Flash
Hedge funds end a ten month run of gains; still outperformunderlying markets
2
 
been positioned conservatively at the start of the month and hence wereable to protect their capital in a market that tracked global movementsweakly.North American hedge funds were down 0.36%, however the managersprovided considerable downturn protection during a volatile month. TheS&P 500 was near to a 3 year high at the start of the month; however itdeclined 3.5% early on in the month, before recovering some of thelosses and closing 1.4% down for May. Similarly, European managersregistered losses of 0.52% which can be considered as significantoutperformance to the underlying markets – the MSCI Europe Index lost4.28%.
Table 2: Regional Indices
 Index May 2011Est
1
 2011Returns 2010Returns Eurekahedge North American HedgeFund Index-0.363.68 13.58Eurekahedge European Hedge FundIndex-0.521.69 8.97Eurekahedge Eastern Europe & RussiaHedge Fund Index-3.472.27 16.63Eurekahedge Japan Hedge Fund
 
Index-0.240.69 8.09Eurekahedge Emerging MarketsHedge Fund Index-0.762.20 10.56Eurekahedge Asia ex-Japan HedgeFund Index-1.620.63 10.23Eurekahedge Latin American HedgeFund Index0.65 3.41 9.71
Strategy Indices
 May was marked by high risk aversion as concerns of the Europeansovereign debt came to the fore once again and disappointingmacroeconomic outlook led to fears of slowing global growth. The monthstarted off with a reversal of the growth trend in April, leading tosignificant losses for trend following strategies. CTA/managed futuresfunds registered the largest declines, down 3.07% for the month, asmost commodities registered considerable losses while equity indicestrended lower. Managers trading in the fixed income space delivered thebest returns as bond prices continued the upward trend from April, as theenvironment of high risk aversion increased demand for fixed incomeassets. Relative value and fixed income hedge funds were up 0.25% and0.49% respectively, while returns from arbitrage and distressed debtfunds were flat to slightly negative.
Table 3: Strategy Indices
 Index May 2011
 
Est
1
 2011Returns 2010Returns Eurekahedge Arbitrage Hedge FundIndex0.01 2.91 9.00Eurekahedge CTA/Managed FuturesHedge Fund Index-3.07 -1.0512.34Eurekahedge Distressed Debt HedgeFund Index-0.025.88 23.62Eurekahedge Event Driven HedgeFund Index-0.452.13 15.65Eurekahedge Fixed Income HedgeFund Index0.49 4.00 10.01Eurekahedge Long/Short Equities-0.912.04 10.11

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