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Hedge funds carried out nicely towards a tough fairness market final month, in line with Pivotal Path, which tracks greater than “2,500 institutionally related hedge funds, spanning >$2.5T of trade property.”
The PivotalPath Hedge Fund Composite Index rose 1.3% final month. The S&P 500 (SP500) (NYSEARCA:SPY) was down 2.06% and the Nasdaq Composite (NDX:IND) (NASDAQ:QQQ) shed 3.1%.
“Yr-to-date the PivotalPath Composite is down 1% in comparison with the S&P 500 (-16.4%) and the Nasdaq (-24.5%).”
“Managed Futures and International Macro recovered from June and continued their sturdy efficiency this yr,” it added. “The 2 indices have been up 3.1% and three.4% respectively in August.”
“Yr-to-date the PivotalPath Managed Futures Index is up 16.6% whereas the International Macro Index is up 12.7%. Fairness Diversified misplaced 0.6% after a powerful July and has fallen 7.7% for the yr. Inside this, European Lengthy/Quick skilled a 2.6% decline in the course of the month of August.”
The “previous three months have seen vital market swings coinciding with financial and geo-political occasions,” they mentioned. “The Fed’s purpose of controlling inflation with aggressive charge hikes, whereas managing a delicate touchdown, stays elusive.”
“Mix that with continued provide chain points arising out of China’s zero Covid coverage and the continued conflict in Ukraine, leading to renewed market volatility. The S&P 500 (SPY), Russell 2000 (IWM) and Nasdaq (COMP.IND) (QQQ) declined in August 4.1%, 2.18%, and 4.64%, respectively. YTD, these Indices are down 16.1%, 17.9%, and 24.5%, respectively.”
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