Hedge fund managers recorded another positive month following strong 1H performance |
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The Eurekahedge Hedge Fund Index was up 0.69%1 in July, supported by the gains in developed market equities and bonds over the month. The MSCI ACWI (Local) ended the month up 0.83% with US equities outperforming other markets. On the other hand, the trade dispute between Japan and South Korea, together with lacklustre economic data in India pushed Asian equities lower. Returns were positive across geographic mandates in July, with North American fund managers gaining 0.31% and Asia ex-Japan fund managers up 0.69%. Fund managers utilising equity long-bias strategies gained 0.68% throughout the month, pushing their year-to-date return to 11.72%. |
Below are the key highlights for the month of July 2019 |
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Index of the Month | Jul 2019* |
2019 Returns | 2018 Returns |
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Eurekahedge Greater China Hedge Fund Index | 0.33 | 10.18 | -13.17 |
Main Indices
Main Eurekahedge Indices | Jul 2019* |
2019 Returns | 2018 Returns | |
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Eurekahedge Hedge Fund Index | 0.69 | 6.56 | -4.01 | |
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0.69 | 7.22 | -4.44 | |
Eurekahedge Long-only Absolute Return Fund Index | -0.02 | 10.49 | -10.92 | |
Eurekahedge Islamic Fund Index | -0.13 | 6.47 | -4.70 |
Regional Indices
Eurekahedge Regional Indices | Jul 2019* |
2019 Returns | 2018 Returns |
---|---|---|---|
Eurekahedge North American Hedge Fund Index | 0.31 | 6.89 | -3.10 |
Eurekahedge European Hedge Fund Index | 0.24 | 4.35 | -4.89 |
Eurekahedge Eastern Europe & Russia Hedge Fund Index | 2.70 | 15.00 | -12.86 |
Eurekahedge Japan Hedge Fund Index | 0.06 | 2.38 | -9.32 |
Eurekahedge Emerging Markets Hedge Fund Index | 0.83 | 8.15 | -5.41 |
Eurekahedge Asia ex Japan Hedge Fund Index | 0.69 | 7.43 | -9.35 |
Eurekahedge Latin American Hedge Fund Index | 2.39 | 10.71 | 7.15 |
North American fund managers were up 0.31% in July, bringing their year-to-date return to 6.89%. The region’s equity market rallied on expectations of an impending Fed rate cut. Over in Asia, fund managers with Asia ex-Japan investment mandate ended the month up 0.69%, bringing their year-to-date gain to 7.43% despite the poor performance of the region’s equities over the month. Weak economic data in China and India, together with the trade disputes between the US and China, as well as Japan and South Korea are likely to remain as key concerns for fund managers focusing on the region.
Strategy Indices
Returns were mostly positive across strategic mandates in July. Long-biased equity hedge funds gained 0.68% during the month, maintaining their top spot in the strategy return map. All of the CBOE Eurekahedge volatility indices ended the month in the red, with tail risk fund managers posting the steepest losses of 4.42%. Multi-strategy hedge funds returned 0.86% in July, owing to the strong performance of developed market equities and corporate bonds.
Table 1: Strategy return map
Eurekahedge Strategy Indices | Jul 2019* |
2019 Returns | 2018 Returns |
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Eurekahedge Arbitrage Hedge Fund Index | 0.66 | 3.99 | -0.86 |
Eurekahedge CTA/Managed Futures Hedge Fund Index | 1.51 | 5.65 | -3.95 |
Eurekahedge Distressed Debt Hedge Fund Index | -0.70 | 1.76 | 3.25 |
Eurekahedge Event Driven Hedge Fund Index | 0.50 | 6.67 | -3.15 |
Eurekahedge Fixed Income Hedge Fund Index | 0.48 | 5.52 | 0.04 |
Eurekahedge Long Short Equities Hedge Fund Index | 0.51 | 7.23 | -6.36 |
Eurekahedge Macro Hedge Fund Index | 0.36 | 6.39 | -2.75 |
Eurekahedge Multi-Strategy Hedge Fund Index | 0.86 | 6.24 | -3.60 |
Eurekahedge Relative Value Hedge Fund Index | 0.40 | 4.62 | -0.27 |
CBOE Eurekahedge Long Volatility Hedge Fund Index | -0.38 | -7.86 | 0.83 |
CBOE Eurekahedge Relative Value Volatility Hedge Fund Index | -0.20 | 0.64 | -3.91 |
CBOE Eurekahedge Short Volatility Hedge Fund Index | -0.09 | 1.40 | -13.03 |
CBOE Eurekahedge Tail Risk Hedge Fund Index | -4.42 | -5.59 | -5.75 |
Eurekahedge Equity Long Bias Hedge Fund Index | 0.68 | 11.72 | -9.37 |
Eurekahedge Equity Market Neutral Hedge Fund Index | 0.39 | 1.42 | -1.90 |
Eurekahedge Trend Following Index | 3.46 | 9.76 | -7.06 |
Eurekahedge FX Hedge Fund Index | 0.87 | 1.32 | -0.25 |
Eurekahedge Commodity Hedge Fund Index | 1.36 | 5.03 | -5.93 |
Eurekahedge Crypto-Currency Hedge Fund Index | -10.79 | 70.82 | -71.81 |
Eurekahedge AI Hedge Fund Index | 0.01 | 2.71 | -4.31 |
Eurekahedge ILS Advisers Index | 0.66 | -0.47 | -3.92 |
Eurekahedge Global Hedge Fund Indices by Fund Size | Jul 2019* |
2019 Returns | 2018 Returns |
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Eurekahedge Small Hedge Fund Index (< US$100m) | 0.57 | 6.56 | -4.79 |
Eurekahedge Medium Hedge Fund Index (US$100m - US$500m) | 0.83 | 6.29 | -3.00 |
Eurekahedge Large Hedge Fund Index (> US$500m) | 1.05 | 6.28 | -2.51 |
Eurekahedge Billion Dollar Hedge Fund Index | 1.23 | 6.02 | -2.63 |
Mizuho-Eurekahedge Indices | Jul 2019* |
2019 Returns | 2018 Returns |
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Mizuho-Eurekahedge Index - USD | 0.84 | 4.94 | -4.30 |
Mizuho-Eurekahedge TOP100 Index - USD | 1.60 | 5.21 | -2.71 |
Mizuho-Eurekahedge TOP300 Index - USD | 1.09 | 5.08 | -3.56 |
Asia-Eurekahedge Indices | Jul 2019* |
2019 Returns | 2018 Returns |
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Eurekahedge Greater China Hedge Fund Index | 0.33 | 10.18 | -13.17 |
Eurekahedge India Hedge Fund Index | -3.30 | -1.97 | -8.06 |
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