Global hedge funds gained 2.2% in June, driven by surges in artificial intelligence-related stocks and an easing banking crisis, according to data provider HFR. This brings the first half-year increase to 3.45% for their investors. Equity hedge funds posted the highest returns among the categories tracked by HFR, with gains of 2.94% in June and 5.55% year-to-date. However, they trailed behind the S&P 500 index's 16.9% surge in the first half of 2023. Macro hedge funds, impacted by the banking crisis earlier in the year, managed to recover some losses, ending June down 0.47% year-to-date. Event-driven and relative value strategies also saw gains in both June and the first half of 2023.
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