Tough May Has Hedgies Licking Wounds
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So what are they hedging then?
According to reports out Wednesday afternoon, hedge funds had their worst month since last September, dropping 2.9 percent in May. Year-to-date, funds are off 1.3 percent, outpacing a 0.9 percent drop in global equities.
The sell off in the broader market amid troubles in Europe, weakness in commodities and strength in the dollar has created a tough hedging environment.
Paulson's Paulson & Co. reported a 13 percent dip in his gold fund, while his Advantage funds, Recovery Fund and Partners Enhanced funds also had losses. Paulson's Credit Opportunities Fund popped 0.9 percent in May and is up 5.3 percent to date.
Kington Capital's Kington Associates reported a 4.5 percent drop in May.
Bill Ackman's Pershing Square International Fund slipped 7.1 percent in May, trimming YTD gains to 2.4 percent.
Finally, Jef Woodriff's Quantitative Investment Management bucked the trend, rising 7.2 percent in May for its QIM Global Fund, bringing YTD gains to 8 percent.
According to reports out Wednesday afternoon, hedge funds had their worst month since last September, dropping 2.9 percent in May. Year-to-date, funds are off 1.3 percent, outpacing a 0.9 percent drop in global equities.
The sell off in the broader market amid troubles in Europe, weakness in commodities and strength in the dollar has created a tough hedging environment.
Paulson's Paulson & Co. reported a 13 percent dip in his gold fund, while his Advantage funds, Recovery Fund and Partners Enhanced funds also had losses. Paulson's Credit Opportunities Fund popped 0.9 percent in May and is up 5.3 percent to date.
Kington Capital's Kington Associates reported a 4.5 percent drop in May.
Bill Ackman's Pershing Square International Fund slipped 7.1 percent in May, trimming YTD gains to 2.4 percent.
Finally, Jef Woodriff's Quantitative Investment Management bucked the trend, rising 7.2 percent in May for its QIM Global Fund, bringing YTD gains to 8 percent.
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