WEST PALM BEACH, FL (HEDGECO.NET) – Hedge funds continue with their losing streak into July, according to new results posted by Van Global Hedge Fund Advisors. The average hedge fund being tracked bythe index lost 0.9% for the month of July. Hedge funds continue to struggle in the current trend less markets. Hedge funds have lost grounds literally since April, making such period the mostextended, difficult period for hedge funds.
While Van Global index declined by 0.9% for the month, its year to date average continues to struggle in the positive territory, with a gain of 1.3%. The major market indexes faired no better in July, according to Van, both the S&P 500, and the MSCI World equity index lost -3.3% for the month while the Dow Jones industrial Europe gave up -2.7% for the month as well.
The Van U.S.hedge fund index lost -1.1% in July, and the Van Offshore Hedge Fund Index declined by -0.7%. George Van, Chairman and founder of Van Hedge Fund Advisors International, explained that July was another difficult month for the broad markets partly due to concerns and high-energy prices. �There is anguish among the hedge fund community because it is hard to make money; there are various factors happening at the same time,� according to him.
A few strategies were still doing well in this market however; they include distressed securities, special situations and market neutral arbitrage, with a net gain of 2.6% through July. The biggest gainer in July according to Van data was the Short sellers, which gained 5.6% for the month of July bringing its year-to-date average to 3.8%. The aggressive growth strategies were the biggest losers in July, dropping -4.3%, bringing its year-to-date average to -4.1%. The Van hedge fund index is constructed from over 800 hedge funds, and currently the index stands at 10,774 at the end of July 2004.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: [email protected]
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