While the leading performer among the composite index’s trio of components, the event-driven index’s 0.79% return was far from spectacular when measured against June’s 1.43% performance. Year-to-date the component is now up a much more impressive 10.38%, according to a news release.
The other positive return was turned in by the arbitrage sub-index, up 0.28% in July, only slightly better that the 0.25% gain in June. Year-to-date, the sub-index remains in the black, up 1.80%. Conversely, t he S&P Directional/Tactical Index suffered a 0.07% loss for July, representing the only negative return among the sub-indices for the second month in a row. However, for the year, the composite ingredient is up 6.78%.
Overall, July’s composite performance was only slightly below the 0.47% recorded by the Index in June (See Event-Driven Hedge Fund Index Drives June S&P Returns ). Year-to-date aggregate is up 6.32%.
Comparatively, the S&P Managed Futures Index had a 2.75% decline in July, and a 6.32% showing year-to-date. The Managed Futures index is designed to be an investable benchmark focusing on trading methodologies that constitute a significant portion of the managed futures investment strategies. The Index has 14 constituents, four of which are also constituents of the S&P Hedge Fund Index, which was launched in November (See S&P Introduces Hedge Fund Index ).