Research

Hedge Fund Performance Commentary

The Eurekahedge Hedge Fund Index was up 0.17% in August, outperforming the MSCI ACWI (Local) which ended the month down 2.37%. The US administration imposed additional tariffs to the remaining US$300 billion of Chinese imported goods, which resulted in the weakening of the CNY past the symbolic 7 per USD level early into the month. Consequently, the US Treasury Department labelled China as a currency manipulator, further intensifying the trade tension between the two countries. The risk-off sentiment among investors during the month was mostly driven by political concerns encompassing the US-China trade war, the deteriorating bilateral relationship between Japan and South Korea, the ongoing protests in Hong Kong, and the risk of a no-deal Brexit among other things. Further exacerbating the risk-off sentiment during the month, the US 2-10Y yield spread inverted for the first time since 2007, raising concerns over an impending economic recession.

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