(Hedgeweek) Hedge funds generated small, positive returns, with the HFRX Global Hedge Fund index gaining 0.2 per cent for the month. GAM portfolio manager Anthony Lawler, says: “The headline hedge fund index eked out a small gain and continues its winning streak, now positive for each of the past six months. However, the strategy level indices generated mixed performance, with event driven traders the main beneficiaries of ongoing market stability, while the HFRX Macro/CTA Index was a notable detractor as several trends stalled and reversed.”
The HFRX Macro/CTA Index lost 1.0 per cent for the month. Lawler says: “Systematic strategies posted negative performance due to modest price reversals in widely held positions. Notable reversals included fixed income as rates rose following year-to-date moves lower in yields, the currency market as the US dollar strengthened, and also commodities with crude rallying and precious metals falling.”
