Recent hedge fund performance in July 19

Published by

Aug 15, 2019

July 2019 :

 

  • Major Hedge Fund indices:

 

Global financial markets posted mixed performance in July as the US Federal Reserve cut US rates amid escalations in Sino American trade negotiations, further threatening global growth.

Hedge fund indices posted positive performance: the HFRI Fund of Funds Composite was up +0.72%, the HFRX Global HF was up +0.77%, the HFRU Hedge Fund Composite Index up +0.52%.

 

Global equity markets generated mixed performances (MSCI World Net TR $ Index was up +0.5%) led by the US (S&P 500 Net TR $ Index was up +1.4%). Semiconductors and commodity sensitive sectors led gains. Gains in the UK (FTSE 100 Net Tax £ Index was up +2.2%) and Japan (TOPIX 1000 ¥ Index was up +0.9%) were offset by losses in France (CAC Index was down -0.4%) , Germany (DAX Index was down -1.7%) and China (Shanghai SE Composite Index in CNY was down -1.6%).

US rates declined across most of the curve as the US Fed cut rates by 25bps. In terms of currencies, the USD ended stronger against most currencies, most notably against the GBP (+4.4%). In commodities, Oil and Natural Gas led declines in energy commodities, while Platinum and Silver led gains in Metals.

 

Most strategies posted positive performances:

 

The HFRX Equity Hedge Index generated +1.07% in July, driven by gains in Fundamental Growth and Value strategies. The HFRX Fundamental Value Index gained +0.74% for the period from gains in Emerging Markets and small-cap equities. The HFRX Fundamental Growth Index gained +2.08% from gains in large-cap equities in developed markets. The HFRX Market Neutral Index was down -0.71%, driven by mixed performance in mean reverting, factor-based strategies and fundamental managers.

 

The HFRX Event Driven Index was up 0.16% in July, driven by gains in Merger Arbitrage and Special Situations equity strategies. The HFRX Merger Arbitrage Index generated 0.34% over the month as merger spreads globally narrowed, while the HFRX Special Situations Index advanced 0.16% as increased European corporate activity was partially offset by Asian exposure.

 

The HFRX Macro/CTA Index generated +1.83% in July driven by gains in Trend-followers and mixed performance in Global Macro strategies. The HFRX Macro Systematic/CTA Index gained +3.12% for the month as the USD strengthened against its GBP and EUR counterparts. Agricultural experienced dispersion across funds, energy commodities declined, offset by gains in Platinum and Silver.


Articles authored by Martin Signer

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