WEST PALM BEACH, FL (HEDGECO.NET) – New preliminary hedge fund performance data released by Van Global, the Nashville Tennessee based hedge fund tracking company, shows that hedge funds tracked bythe index lost 0.1% net for the month of May 2003.
According to the press release, �The preliminary figure represents the average of 370 May hedge fund returns, net of fees, which were submitted to VAN in the first week of June. Funds in the Index employ a range of investment strategies, including long/short equity investing, directional trading styles, and market neutral approaches. The Index returned the same for May whether including or excluding funds of funds.�
George Van, Chairman of VAN said, �Early performance reports indicate flat to slightly negative performance for the hedge fund universe in May, just under half of the hedge funds we�ve heard from so far were positive for the month, although very few succeeded in beating the U.S. stock market. It appears that Convertible Arbitrage, Emerging Markets and Short Selling were some of the worst performers in May, although we�ll have a better picture by mid-month as more funds report to us.�
This preliminary performance of hedge funds that have reported their data so far lags the major market equity benchmarks, which netted about 1.4% during the month of May. However the press release also noted that �Although the Van Global Hedge Fund Index’s -0.1% net May loss lags major market benchmarks such as the S&P 500, which gained 1.4% for the month, hedge funds continue to outpace the stock market for the year to date. Over the first five months of 2004, the Index has risen 2.0% net while the S&P 500 has gained 1.5%; the Dow and NASDAQ have lost -1.7% and -0.7%, respectively.�
Van Hedge Fund Advisors International, LLC (�VAN�) is a global hedge fund advisory firm that constructs hedge fund portfolios for international institutions and wealthy investors. VAN bases its work on pioneering research on hedge funds begun in the early 1990s.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: [email protected]
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