Hedge funds successfully traded their way around an overwhelming month in June and were up 0.63% while underlying markets as represented by the MSCI World Index lost 1.38% during the month. A number of managers had lowered their overall risk exposure in the lead up to Brexit, and were quick to reverse their positions and capitalize on winning trends that emerged subsequently such as the rally in the yen and emerging currency pairs vis a vis US dollar; and short positions in the pound which declined to historic lows. CTA/managed futures managers were the top gainers, leading the performance of...