Equities: Equity managers give up some ground in May


Long/short equity funds gave up their April gains and more in May. The Absolute Return U.S. Equity Index declined 1.18% for the month to stand at 5.42% year to date. The Global Equity Index fared even worse, dropping 2.29% to cut its YTD return to 5.24%. Relative performance for both hedge fund indices was less odious than absolute losses, as the S&P500 fell 3.09% for a return of 1.75% YTD, while the MSCI World (ex US) Index gave up 6.13% for the month, returning 1.33% for the year. Hedge funds may have been their own worst enemy in