Prime Time Monthly Wrap

Hedge funds returned 1.5% globally in May led by Tech and Asia performance, though gross leverage has hit record highs and positioning in Japan appears exhausted.

Key Takeaways

• 1.Hedge funds saw positive performance in May, up approximately 1.5% globally, driven significantly by crowded long positions in the Tech sector.
• 2.Asia, and specifically Asia ex-Japan (AxJ), saw a material spike in hedge fund positioning and performance, with AxJ net flows hitting +3z.
• 3.Hedge fund gross leverage reached record all-time highs in May, partially fueled by a large MSCI rebalance and market rallies.

Table of Contents

• Key Points
• DISCLOSURE

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