June also marked the end of the second quarter of 2006 – a quarter in which five of the six strategies posted net-of-fees gains. With a return of 3.62%, distressed securities was the best performing strategy for the quarter. On a YTD basis, the strategy leads with a gain of 7.21%.
Convertible arbitrage, equity market neutral, event driven and merger arbitrage performed similarly, posting net-of-fees returns between 1% and 2% for the second quarter of 2006. The strategies are up 5.47%, 3.21%, 5.30% and 4.97%, respectively, for the year.
With a second quarter return of -3.29%, equity long/short shed more than half of its first quarter gains of 5.67%. The strategy is still up 2.19% for the year.
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