Emerging markets hedge funds have posted industry-leading mid-year results amidst ongoing market volatility. Total emerging market hedge fund capital reached the record level of $239.3 billion (€216 billion) by the end of the second quarter, according to a report by Chicago-based Hedge Fund Research (HFR). Strong advances were made across all emerging markets regions despite rising trade tariff tensions, the falling Chinese renminbi, growing unrest in Hong Kong, interest rate cuts by the Fed and other central banks, as well as geopolitical friction in areas such as the Middle East.