Hedge Funds’ Assets Rise in Second Quarter
The assets of hedge funds increased $47 billion in the second quarter, boosted by higher returns from emerging markets and so-called long-biased equity funds, consultant and asset manager HFR Group said Wednesday.
The assets rose to almost $665 billion and the number of funds climbed to 5,660, Chicago-based HFR said. This year, 281 new funds have been started.
Hedge funds that bet on rising securities prices performed better than those predicting a decline because of an improvement in company earnings, interest rate cuts and lower oil prices.
Funds that specialize in “shorting” stocks -- or betting that share prices will fall -- dropped 12% during the quarter.
“Third-quarter performance should be driven on whether or not the current trends congeal into an actual global recovery,” HFR President Josh Rosenberg said.
From Bloomberg News
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