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July 01, 2003 at 08:00 PM
CHICAGO (HedgeWorld.com)–Managed futures strategies once again topped the charts with a monthly return of 5.14%, which puts the strategy ahead for the year with a return of 13% for the year through May 31.
Other hedge fund strategies hovered in the 2% to 3% range for the month with the Credit Suisse First Boston Tremont* Hedge Fund Index up 2.71% in May. With a year-to-date performance of 7.05%, the index was behind the Standard & Poor’s 500 stock index, which was up 5.26% in May and up 10.34% for the year-to-date.
Directional equity-oriented hedge funds took advantage of the bullish market in May, according to a CSFB/Tremont announcement. Strategies not exclusively focused on U.S. equities, such as emerging markets and distressed securities, were among the best performers, with the emerging markets sub index posting a 5.01% gain for the month, with year-to-date performance of 10.81%. A non-equity oriented strategy, global macro, was up 2.96% in May and up 8.61% for the year.
Distressed securities gained 2.27% during the month but for the year were up a healthy 11.19%. Long/short equity managers were the third-best-performing strategy for the month with a gain of 3.68%. For the year, the strategy has done well, too, posting a return of 6.36%.
Event-driven strategies were in the black, also, with risk arbitrage gaining 2.56% for the month but up just 2.68% for the year-to-date, while event-driven multi-strategy was up 2.37% and 8.31% for the same periods, respectively. Overall, the event-driven subcategory had positive performance of 2.35% in May and 9.07% for the year.
