Top Hedge Fund PruLev Gained in May on Equities, Commodities
- PruLev Global Macro Fund up 5.4% in May, 23.3% year-to-date
- Returns compare to overall losses in macro funds this year
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The PruLev Global Macro Fund, among this year’s top-performing funds, returned 5.4 percent in May with bets on oil and commodities contributing to the gains that helped it beat other hedge funds trading on macroeconomic developments.
The fund was also supported last month from positions in stocks of developed market exporters that stand to benefit from a stronger dollar, including Switzerland and Japan, bringing its total gain this year to 23.3 percent, according to preliminary figures in a newsletter obtained by Bloomberg News. By comparison, the global Eurekahedge Macro Hedge Fund Index was little changed in 2016 through the end of May.