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June 10, 2005 at 08:00 PM
NEW YORK (HedgeWorld.com)–Data from several index suppliers suggest that a stock market resurgence and increasing merger activity buoyed some hedge fund strategies in May.
According to a preliminary release, the Van Global hedge fund index gained 1.2% for the month. That was in line with rebounds seen in the FTSE hedge fund index and Dow Jones hedge fund benchmarks.
The long/short equity and global macro components of the Van index performed well in May. Many long/short managers have a long bias, so it bodes well for them when the equity market does well, said Van Vice President Kevin Campbell. The Standard & Poor’s 500 stock index returned 3.18% in May, including dividends. For the year through May 31, the S&P stands at negative 0.95%.
According to all three hedge fund indexes, convertible arbitrage continued its losing streak in May. Mr. Campbell said the strategy is unlikely to recover in June, but may see a rebound in the third quarter.
