European and equity long/short funds lead outflows
The Eurekahedge Hedge Fund Index declined for the third consecutive month in May down 1.55% amid falling markets and heightened risk aversion. However, hedge funds outperformed underlying markets by 7.77% during the month.
All regional mandates, with the exception of Japanese hedge funds, had net outflows during the month, driven by bad performance. Japanese managers gained $200 million in new allocations, while European hedge funds had the large