(Bloomberg) -- Hedge funds reported the best first-half start since 2009 as equity managers capitalized on the surge in stocks.
Funds rose 5.7% from January to June, according to Hedge Fund Research Inc. data released Monday. Equity funds were the best-performing strategy, gaining almost 9% in the period.
The advance marks a turnaround from last year when the industry, pummeled by volatility, saw its worst performance since 2011. But the gain pales in comparison to the S&P 500 Index, which returned almost 19% in this year’s first six months.
Among the industry’s big winners this year is David Einhorn, whose fund sunk 34% in 2018, and is now making a comeback with the best start to a year in a decade. Brevan Howard Asset Management’s hedge fund is also off to its best first half since 2009, adding to last year’s rebound.
Preliminary figures from the Bloomberg Hedge Fund Indices show that the industry gained 6.4% for the first six months and advanced 1.8% in June.