Absolute Return funds surveyed by InfoHedge have started to report their August results and preliminary analysis indicate that the losses experienced in July have been reversed. To date the average return for the month is +2.34% (funds reported so far approximate 25% of InfoHedge's database) compared to July's result of -2.11%.
The best performing strategies have been equity-based with these funds returning in excess of 3%. This result coincides with positive gains in the equity benchmarks with the ASX200 ending 3.08% ahead for the month and the S&P500 up 1.20%. The worst performing strategy was Commodities in line with a continuing retracement in those markets.
In results reported to date the best performing fund was PM CAPITAL Absolute Performance Fund AUD returning 13.70% using an Equity Long/Short strategy.
The below chart shows the monthly average return of all funds surveyed against the movement in the ASX 200.
