The CSFB/Tremont Hedge Fund Index was up 1.92% in July 2005.
“Driven by rallying global equity markets, Long/Short Equity and Emerging Markets managers posted strong results in July,” says Oliver Schupp, President of Credit Suisse First Boston Tremont Index LLC and senior member of the CSFB Hedge Fund Investments Group. “Convertible Arbitrage Managers continued to rebound from difficulties earlier in the year and posted a 1.71% return for July.”
“A supportive high yield market, based on the strong corporate earnings from the Q2 reporting season, helped Event Driven Managers gain 2.27% for July,” adds Robert I. Schulman, Chief Executive Officer of Tremont Capital Management “Multi-Strategy managers profited from the rebound in convertibles, as well as from investments in new areas like direct lending and insurance strategies.”
Year to date, the broad Index is up 3.29%, while the Dow Jones Industrial Index is -0.07%.
The CSFB/Tremont Investable Hedge Fund Index is up an estimated 0.88% for July and 1.10% YTD.
Returns for the Sector Indices show Sector Invest Emerging Markets in the top spot, up 2.82% for July and 6.76% YTD.