Figures released show that investors redeemed $8.42 billion from hedge funds in July. However, the performance of this asset class negated this and assets under management grew to $3.3 trillion.

The information comes from eVestment, which released its Hedge Fund Assets Flows Report. The firm said that despite hedge fund performance being positive this year, up around seven percent year-to-date, investors still have remember 2018’s horror show for the asset class which saw losses of 5.1 percent.

Investors withdrew another $8.42 billion from the global hedge fund industry in July, according to the July 2019 eVestment Hedge Fund Asset Flows Report released today. But strong performance in the industry continues to boost overall industry assets under management (AUM), which stood at $3.303 trillion last month, according to the new report.

This negative investor sentiment is reflected by only 37 percent of funds reporting to eVestment seeing inflows into their products.

In terms of strategies, Event Driven funds were the only type to enjoy significant inflows in July as investors piled $2.88 billion into them last month. On a year-date-basis, flows into these type of funds are at $10.27 billion.

Other strategies enjoying inflows although to a lesser extent include Relative Value Credit funds which saw $780 million of net new money. MBS strategies saw $240 million of inflows while Distressed funds gained $160 million last month.

However Long/Short Equity funds, one of the main hedge fund strategies, saw investors continue to pull money from the strategy, with $4.55 billion being redeemed last month. Despite this, this strategy is still the largest tracked by eVestment with AUM of $767.57 billion.

Adding to the pain this asset class is suffering at the moment, Managed Futures and Multi-Strategy funds also saw significant outflows in July, with $1.73 billion and $1.64 billion being withdrawn respectively.