(Fundfire.com) Long/short equity hedge funds logged their fourth straight month of net redemptions in June, helping fuel broader outflows in the industry for the second quarter. Long/short equity hedge funds had a strong start to the year for flows, but since then have struggled with the four-month stretch of redemptions. The sector had $2.69 billion yanked in June – contributing to $4.74 billion in outflows in the second quarter, according to figures from eVestment.
“The bulk of the outflows came from products with an average [assets under management] of just over $7 billion in assets,” says Peter Laurelli, eVestment’s global head of research. “They are a mix of both quantitative and traditional long/short equity products.”