16/06/2010 Author: Zaki Abushal

June levels out but risks second down-month in a row

Early June numbers reflect a return to a more stable market environment, particularly for the CTAs, which were among the heaviest losers in May.

Man AHL was up 2.24% through to 7 June, as were Winton’s Evolution and Futures fund, both up around 1.9% through to 9 June. Emerging markets managers, who, like the CTAs, gave back substantial early year gains in May, are still on the wrong end of the return spectrum. Vontobel Easter European fund is down a further 4.5% through 8 June and the $1.2bn Templeton Emerging Markets fund has lost a further 2.66% to the same period, pushing its annual number down to 11.5%.

On average, numbers in early June through the first third of the month are pretty flat, and if anything down a few bps, which means we could be in for the first month-on-month negative performance since February 2009.

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