June wasn’t a meltdown like May, but according to Eurekahedge, only four of its indices were in positive ground, some of them just barely. Overall, its hedge fund index was off 0.63% for the month, leaving it up 5.19% year-to-date, and on track to finish 2006 ahead of the 9.97% in 2005 – unless the industry takes a terrible turn for the worse. Eureka’s fund of hedge funds index, however, fell 1.07%, up only 3.47% YTD, and at this rate may not match the 7.78% return of last year. Worse, however, is the Long-Only Absolute Return Fund Index, which dropped 1.47%, though it’s not the bigger loser for the month; that honor goes to CTA/Managed Futures Index (down 1.82%). The long-only index is up 6.24% YTD, but it finished 2005 at 21.77%. Among the regional indices, all were off, except for Latin America, which grew 1.28%, and its 9.90% YTD puts its on track to best its 18.57% return of 2005. Measuring funds by size, medium HFs ($100 million to $500 million AUM) saw the biggest drop – 0.70% – but still has the best YTD percentage, 5.26%, compared with 5.24% for small hedge funds and 4.50% for large ones. Meanwhile, the Hennessee Hedge Fund Index dropped a scant 0.23%, remaining up 5.65% YTD, while preliminary figures indicate that the Barclay Hedge Fund Index inched down 0.30% in June, a major improvement from the 1.82% it fell in May, and the Greenwich-Van Global Hedge Fund Index lost 0.60% in June, according to preliminary report. In general, last month hedge funds trailed the Standard & Poor’s 500 Index, which rose 0.14%.