Hedgies fail to find growth in May trading
21 June 2011 1:49am
HEDGE funds failed to post positive returns during May, as poor US economic data and fears over Chinese growth hit the performance of fund managers.
Managed futures and global macro funds saw the steepest falls in growth in May as short US dollar and long commodity positions weighed heavily on performance, a monthly survey by British hedge fund giant Man Group found.
The Newedge CTA Index, a benchmark for managed futures, was down -4.7 per cent in May as a result.
Global macro strategies also suffered, with the benchmark HFRI Macro Index down -2.6 per cent.
Relative value managers and even-driven strategies offered some consolation to the overall poor performance of the hedge fund sector in May. The benchmark HFRI Relative Value Index was up 0.1 per cent.
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