U.S. equities turned in their second consecutive month of gains in May, with the Absolute Return U.S. equity long/short index climbing 2.57%. That rise brought the strategy as a whole into the black for the year so far, at 0.84%. The Absolute Return Global Equities Index rose 2.09%, leaving it slightly below water at -0.03% for the year so far.
By comparison, the S&P 500 Index rose 1.07%. The broader U.S. equity markets spiked at mid-month and then fell as the price of oil reached a record $135 per barrel. Overseas, European markets were mixed, while prices in Britain