WEST PALM BEACH, FL (HEDGECO.NET) – The Global Hedge Fund Index gained 1.5% net of fees in June. The year-to-date return for the Index is 1.6% net proving to be one of the hedge fund industry\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s longest-running benchmarks of overall performance.<\/p>\n
Earlier in the month global equity and commodity markets slumped, starting a monthlong decline in early May, sparked by concern that rising interest rates would curb economic growth. Commodities, including copper and gold led by emerging markets also fell. <\/p>\n
These same hedge funds rebounded during the final week of June, recouping most of the losses incurred, according to the data compiled by Hedge Fund Research. <\/p>\n
Hedge funds returned 6.1 percent on average in the first half, more than double the gain of the Standard & Poor\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s 500-stock index. At that pace, managers are headed for their biggest gains since 2003, when returns averaged 19.6 percent, according to Hedge Fund Research, based in Chicago. <\/p>\n
\u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cOur main objective is to hold on to as much of the gains as we can following an adverse period,\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d said Omar Kodmani, senior executive officer at Permal Group, whose basket of funds returned as much as 5 percent in the first half. \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cThe second half of 2006 looks reasonable,\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d he said in an interview with Bloomberg. <\/p>\n<\/div>\n
Alex Akesson
Contributing Writer
HedgeCo.Net
Email: Editor@hedgeco.net<\/p>\n
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