HFRI Fund Weighted Composite Index declines -1.3 percent, snapping seven-month advance; Losses led by Emerging Markets, Commodity, interest rate-sensitive exposures.
Hedge funds posted the first monthly decline for 2013 in June, ending a streak of seven consecutive months of gains, the longest run of positive performance seen by the industry since 2011, according to data released today by HFR, the established global leader in the indexation, research and analysis of the hedge fund industry.
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The HFRI Fund Weighted Composite Index declined -1.3 percent for the month, only the second decline in the trailing thirteen months. All four main HFRI Strategy Indices posted losses for June, with declines led by Macro and Equity Hedge strategies. The HFRI Macro Index posted a decline of -1.5 percent with negative contributions from Trend Following strategies, Fixed Income, Emerging Markets and Commodity Metals exposures. Emerging Markets posted losses across equity, sovereign bond and currency markets, as US yields rose significantly for the month; HFRI Emerging Markets Index declined by -4.0 percent, led by declines in Emerging Asia and Latin America, which declined -5.7 and -5.2 percent, respectively. The HFRI Systematic Diversified/CTA Index declined -1.8 percent, erasing the previous YTD gain of +1.3 percent through May. Commodity-focused strategies also declined by -1.4 percent, while Discretionary Macro strategies declined -1.9 percent.
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