A news release said the Van Global Hedge Fund Index also returned 0.5% in June excluding funds of funds. The Van US Hedge Fund Index, which includes only US-domiciled funds, was up 0.6% in May, while the Van Offshore Hedge Fund Index, which includes only non-US-domiciled funds, rose 0.3% over the month.
For the year to date through June, the Van Global Hedge Fund Index has turned in a 2.1% performance, while the S&P 500 and Average Equity Mutual Fund have gained 3.4% and 3.5%, respectively during the period, according to the announcement.
The best performing of VAN’s four strategy group indices last month was the Long/Short Equity Group Index, which gained 1%. The Market Neutral Group Index, largely weighed down by Convertible Arbitrage funds, was flat, while the Specialty Strategies Group Index and the Directional Trading Group Index posted losses of 0.4% and 1.7%, respectively. The Directional Trading Group includes Macro, Market Timing and Futures strategy funds.
For the year to date, the Market Neutral Group was the top performer, gaining 2.5%, followed closely by the Long/Short Equity Group, which has returned 2.3%. The Specialty Strategies Group has risen 0.4% over the first half of 2004, while the Directional Trading Group gave back 2.3% over the first half.