Hedge fund managers ended the month of June up 0.25% on an equal-weighted basis, and down 0.90% on an asset-weighted basis.
The progressive relaxation of Covid-related mobility restrictions in most developed markets provided support to the reopening of their economies, benefitting the global equity market as represented by the MSCI ACWI (Local) which gained 1.93% in June. On a year-to-date basis, global hedge funds were up 8.07% over the first 6 months of 2021, recording the strongest June year-to-date return since 2009 despite the ongoing pandemic.
Returns were mostly positive across geographic mandates in June with North American and Asian hedge funds gaining 1.10% and 0.70% respectively while European hedge funds were down 0.08%. Across strategies, distressed debt and long short equities outperformed their strategic peers with returns of 1.48% and 0.62% respectively.