Midway through the year, hedge fund performance has been a story of reversals, with last year’s poorest-performing strategies, particularly equity sectors, staging a turnaround while 2022’s top performers – macro and managed futures – are struggling to claw their way back.
The hedge fund industry broadly is up 3.4% through June, according to PivotalPath’s composite index. And the biggest turnaround stories have been equity strategies, specifically technology, media and telecom specialists that finished last year down 22.4% and this year are up 11% through June, as well as healthcare hedge funds that were down 8.1% last year and are up 6.1% this year, according to PivotalPath data.
This year has been “quite the reversal” with factors that did well last year, such as value, down this year, said Jon Caplis, CEO at PivotalPath.
“Overall performance is doing much better than it did in 2022,” he said. “Most of the outperformance is coming within equity and credit.”
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