(Reuters) – Hedge funds managed to eke out a small profit in May, data showed on Friday, even as a resurgence of the euro zone debt crisis roiled markets and sent equity prices tumbling.<\/p>\n
The GlobeOp Hedge Fund Performance Index, which tracks the performance of the majority of hedge fund services provider GlobeOp’s (GO.L) $187 billion in assets administered, rose 0.43 percent in May, taking returns so far this year to 4.15 percent, the firm said in a statement.<\/p>\n
Returns are shown gross, meaning they do not take account of hedge fund operators’ lucrative fees, typically a 2 percent annual management charge and 20 percent of performance.<\/p>\n
The gains came despite a sharp sell-off in risk assets during May, when worries intensified about the health of Spanish banks and the global economic recovery showed signs of slowing.<\/p>\n
The MSCI World Equity index .MIWD00000PUS slumped more than 9 percent in May, leaving stocks in negative territory for the year, while the Thomson Reuters-Jefferies CRB Index .CRB, a benchmark of global commodities markets, fell almost 12 percent.<\/p>\n