Funds ride upswing in May, but remain wary


The May medians look good - and especially the regional strategies. Both Asia including and excluding Japan clocked median returns of more than 10% for the month. India led the way though, up a huge 27%. With Japan comparatively more quiet however, up just 3.3% for May, the AsiaHedge Composite Index saw its gains for the month pegged back to 4.35%. This was well down on the MSCI Pacific Free market benchmark's gain of 11.3% in May.

Clearly, many managers still do not trust the long term potential of the rally of recent months and continue to keep