All the Dow Jones Hedge Fund Indexes hedge fund strategy benchmarks posted gains in June. The convertible arbitrage, distressed securities and event driven strategies were up 1.69 percent, 1.41 percent and 1.27 percent, respectively. The equity long/short (U.S.), equity market neutral and merger arbitrage strategies were up 0.73 percent, 0.31% and 0.29%, respectively.
Four of the six indexes were up for the year – distressed securities, merger arbitrage, event driven and equity market neutral. The convertible arbitrage and equity long/short (U.S.) strategies were down -7.57 percent and -1.84 percent, respectively.
On a float-adjusted basis, the Dow Jones Wilshire 5000 was up 0.81 percent (0.90 percent on a full-cap basis) for the month of June 2005 allowing the domestic broad equity markets to post small but positive gains of 0.04 percent (0.02 percent on a full-cap basis) for the year. The Dow Jones Corporate Bond Index returned 1.10 percent for the month resulting in cumulative gains of 2.59 percent for the year. The world equity markets as measured by the Dow Jones World Total Market Index gained 1.23 percent in June leaving them exactly flat for the year at the half-year mark (the index is where it was at the close of 2004).