European funds


May was a good month pretty much across the board for the European hedge fund industry. Median performance was positive in every strategy area, and better than 1% in nearly all. The best numbers again came from the managed futures sector, with the average CTA posting a gain of over 5% on the month and taking the average gain to 8.64% for the year so far.

European long/short managers continued the improvement that began in April, with the best average performance this time coming in the dollar class. Macro, fixed income and convertibles continued their generally positive start to