Hedge Fund Performance Commentary

The Eurekahedge Hedge Fund Index was up 1.83% in June, recording its strongest first half return of 5.84% since 2009. Hedge fund managers benefited from strong equity market performance on the back of optimism over the progress of US-China trade talks and the growing expectation of a rate cut of the Federal Reserve over the month. The global equity market as represented by MSCI ACWI (Local) gained 5.41% during the month. The expected meeting of the US President Donald Trump and his Chinese counterpart Xi Jinping during their G-20 summit in Osaka renewed investor optimism on the resolution of the trade conflict which has plagued the market since last year. Meanwhile, weak economic data combined with rising concerns of a global economic slowdown prompted the Federal Reserve to reassess their stance. The expectations that the Fed will soon cut rates resulted in declining bond yields throughout the month, with the US 10-year bond yield dipping to its lowest level since November 2016.

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