The funds of funds industry is finally starting to look healthy, posting median gains of 1.37% in July. For the year to date the InvestHedge medians are up 5.12%, largely boosted by emerging market exposure.
The equity market rally in the latter part of July may have boosted the beta in the portfolios, but overall solid earnings and high inflows into the credit markets refreshed all sectors. Global multi-strategy, the backbone of the fund of funds industry, representing more than 50% of funds and assets, is up 1.59% in July and 6.45% year-to-date.
Emerging markets and Asia were