NEW YORK (HedgeWorld.com)--Five of the six hedge fund strategy benchmarks tracked by the Dow Jones hedge fund indexes showed positive returns for May 2005--a relief from April, when each result was negative.
Only the convertible arbitrage strategy failed to harvest May flowers, posting a loss of 2.5%, which puts it down 9.18% year to date.
Merger arbitrage performed best in May, up 1.06%, or 1.34% year-to-date through the month.
The other strategies (equity long/short (U.S.), equity driven, equity market neutral, and distressed securities) were up, respectively: 0.93%, 0.53%, 0.4% and 0.21% for May.
Equity long/short (U.S.) is still in the red year to date, at negative 2.57%. Equity-driven, equity market neutral, and distressed are all positive year to date: 0.25%, 0.29%, and 0.43% respectively.
For purposes of comparison: the Dow Jones Wilshire 5000 posted a return of 3.79% (float-adjusted) for May. A float-adjusted calculation excludes restricted shares. The full-cap calculation for the Wilshire 5000 is 3.9%. Meanwhile, the Dow Jones corporate bond index was up 2.06% in May, reducing its loss for the year to date to 1.21%.
Contact Bob Keane with questions or comments at: email@example.com.