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Portfolio > Alternative Investments > Hedge Funds

Event-Driven Leads S&P Index Heap

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NEW YORK (–While the overall S&P Hedge Fund Index was up only a timid 0.47% for June, the S&P Event-Driven Index gained 1.43% for June, topping both the overall index and the S&P 500 stock index, according to the latest Standard & Poor’s Hedge Fund Index report.

For the year-to-date, the S&P Hedge Fund Index was up 5.96%, lagging the traditional asset benchmark of the S&P 500, which was up 1.13% for the month and 10.76% for the year-to-date Previous HedgeWorld Story.

The S&P Managed Futures Index fell from grace in June after topping the index in May with a 6.4% gain for that month. Managed futures strategies had a healthy run in May, also topping performance the month before, and have also performed well on other hedge fund indexes. But June was a different story, showing how volatile the asset class can be. The managed futures index lost 0.53% in June. For the year-to-date, managed futures still have given investors a positive 7.34%.

The S&P Event-Driven Index also led other index categories for the year-to-date gaining 9.51%. For the month, the rest of the indexes in the S&P family had less than stellar performance.

The hedge fund index itself has 40 funds divided into three sub-indexes: S&P Event-Driven, S&P Arbitrage and S&P Directional/Tactical, which are made up of nine sub-strategies. Those strategies are: equity market neutral, fixed-income arbitrage, convertible arbitrage, merger arbitrage, distressed, special situations, long/short equity, managed futures and macro.

The S&P Arbitrage Index us up 0.25% and still has posted a slight gain for the first six months of the year of 1.52%. The Directional/Tactical Index was the only negatively performing index in June, losing 0.3%. The strategy is still up by 6.85% for the year-to-date.

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