European funds


The performance of the EuroHedge indices edged ahead in all strategy areas in June, with the single exception of managed futures. Despite their continuing high volatility, CTAs still have the best return for the year-to-date after the first half of the year, with an index gain of 6.60%. The next best performing strategies for the year so far are fixed income and high yield at 5.24% and convertible and equity arbitrage at 5.20%. There was also a modest upturn in the event-driven area, with strong returns in June boosting the index gain to 3.82%. Despite the recent recovery