“July highlights several popular hedge fund trades unwinding in a short period of time. While hedge funds as a group clearly had a weak month, their year-to-date returns still greatly outpace traditional long-only investment vehicles,” notes Margaret Gilbert, Managing Director.
Market Neutral Group managers performed strongest, posting a loss of -0.88%. Directional Trading Group funds experienced their largest decline this year primarily due to weakness among CTA/Futures managers who shed -3.22%. Long/Short Equity Group funds also suffered as Growth and Value managers posted declines of -3.31% and -2.32%, respectively while Short Sellers added to their significant year-to-date gains by returning +0.30%. Finally, Specialty Strategy Group managers exhibited the weakest returns for the second month in a row, returning -3.01%.
The GGHFI is one of the oldest benchmarks of the hedge fund universe and currently includes 1066 constituent funds. Final index results for July will be available early August, once additional funds have reported. The GI2, comprising 46 constituent funds, adds investability and is designed to track the GGHFI. It references actual hedge fund vehicles as opposed to separately managed accounts or other methods used in an attempt to replicate the returns of hedge fund vehicles. The GI2 has a correlation of 0.94 to the GGHFI and is reported semi-monthly net of a 0.02% per period index calculation fee.
Greenwich Alternative Investments, LLC (and its affiliates) manages one of the world’s largest hedge fund databases and is among the oldest providers of hedge fund indices, asset management services, and research to institutional investors worldwide.
