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| News Briefs |
Hedges Trimmed
07/17/2006
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Fund index falls in June.
The Credit
Suisse/Tremont Hedge Fund Index was down 0.11 percent in June, as increased
volatility prompted investors to reduce risk across the
board.
Long-short equity managers were affected by long exposure to
equity markets, resulting in a negative performance of 1.01 percent. Dedicated
short-bias managers, however, benefited from the negative market trends to end
the month up by more than 5 percent.
Returns proved mixed for fixed
income managers. Those following market-neutral strategies profited from June’s
volatility, but funds following a directional strategy approach
suffered.
The Investable Hedge Fund Index, meanwhile, was down an
estimated 0.21 percent. This follows confirmation that performance for May was
down 0.8 percent, worse than original estimates.
Year to date, the
Hedge Fund Index has returned 6.29 percent. The Investable Index is up 4.62 percent.
The Credit
Suisse/Tremont Hedge Fund Index is the largest hedge fund index, with more than
$400 billion in assets managed by 420 funds.—Tim Chan
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