The Eurekahedge Hedge Fund Index gained 0.44%1 in July; a month marked by high risk aversion arising from uncertain macroeconomic conditions, the ongoing debt crisis in Europe and the drawn out political debate in America regarding the US debt ceiling. Hedge funds were able to provide substantial downturn protection amid these conditions while global markets were mostly down during the month as the MSCI World Index2 declined by 2.59%.
July 2011 and June 2011 returns across geographical mandates
Returns were mixed among the regional mandates with Asia ex-Japan managers posting the best performance for the month. The Eurekahedge Asia ex-Japan Hedge Fund Index was up 1.11%, with the majority of gains coming from long/short equity hedge funds. Although Australia, China and India (the largest Asia ex-Japan markets), posted declines of 3.98%, 2.18% and 3.44% respectively, managers investing in these countries were able to extract gains through their short exposures as well as value opportunities. Hedge funds investing in the Asean region...
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1 Based on 82.02% of funds which have reported July 2011 returns as at 22 August 2011
2 The MSCI World AC Index All Core – Local Currency