Hedge fund benchmarks post mixed results
As you can see in the table below, the Morningstar Long/Short Commodity index posted a YTD (year-to-date) return of 1.84% while the Long-Only index of the provider posted a YTD loss of 12.73%.
Global macro hedge funds enjoyed good returns in July
Some market participants are attributing mixed hedge fund performance in July to sideways markets. To the contrary, global macro hedge funds betting on interest rates and currencies posted strong results in July.
Energy ETFs continued to post losses last week
Oil drillers post marginal gains while coal tanks on XLE last week
You can see in the table below that coal and consumable fuels posted the most losses on the Energy Select Sector SPDR Fund (XLE). This subsector is solely represented by Consol Energy (CNX), which forms 0.7% of XLE. Oil drillers in XLE, represented by firms such as Diamond Offshore Drilling (DO) and Transocean (RIG), posted gains last week. Together, RIG and DO represent over 0.5% of XLE.
In the next part of this series, we’ll analyze the financial performance of Exxon Mobil (XOM), whose second-quarter earnings halved.