Hedge funds rose 0.15% in June, according to the Morgan Stanley Capital International Hedge Fund Composite Index released Monday.
The equally weighted hedge fund index underperformed the MSCI World Equity Index, which grew 2.05%, but outperformed the MSCI World Sovereign Debt Index, which was up 0.04%.
The MSCI Hedge Fund database has grown to more than 1,700 hedge funds and more than 190 indexes covering more than $230 billion of assets.
The MSCI Specialist Credit Index was the top-performing process group last month, returning 1.27%. Specialist credit has had only one down month since October 2002.
The worst-performing process group was the MSCI Directional Trading Index, which fell 1.84%, its third consecutive decline.
Hedge funds invested in various geographical areas all returned positive June performances after all had declined in May. The top performer was the MSCI Hedge Fund Japan Index, up 2.27%. The Japan index is up 14.89% this year. The positive numbers are in line with a rise in Japanese equity markets.
