Hedge funds ended their five-month winning streak, down 0.07% during June based on preliminary numbers for the month. The average return of the global hedge fund was pulled into negative territory in June as developed market mandates underperformed their emerging market peers, with trend-following and macro strategies lagging behind the pack. Meanwhile, underlying markets as represented by the MSCI AC World Index (Local) were up 0.18% over the same period. Equity markets posted mixed results during the month, with European equities ending the month in the red whilst North American mandates posted modest gains. In contrast, emerging market equity mandates were the bright spot led by strong gains  for  Chinese equities. Concerns over tightening monetary policy in developed markets (sans Japan)  weighted  on market sentiment, though there was some support from positive macro numbers coming out from China where Q2 GDP growth appears to be holding steady.