Hedge funds as measured by the Greenwich Global Hedge Fund Index cut net exposures and limited the losses experienced by markets in June. The GGHFI shed 0.84% compared to global equity returns in the S&P 500 Total Return -5.23%, MSCI World Equity -3.56%, and FTSE 100 -5.23% equity indices. 42% of constituent funds in the GGHFI ended the month with gains.