Hedge Funds Rise, Led By Stocks

Aug 9 2010 | 11:23am ET

Hedge fund gained ground in July, but badly lagged the broader markets, according to a pair of prominent hedge fund indices.

The Hennessee Global Hedge Fund Index rose 1.87% last month, while Hedge Fund Research’s HFRI Fund Weighted Composite Index added 1.82% on the month. The latter is now back in positive territory on the year, at 1.52%.

Equity hedge funds returned 2.88% on the month (0.88% year-to-date), according to HFR, paced by energy and basic materials funds, which rose 3.79% (down 2.92% YTD) and technology and healthcare funds, which rose 2.38% (1.51% YTD). On the other hand, short-bias funds plummeted 6.3% on the month (down 8.54% YTD) as the Standard & Poor’s 500 Index soared more than 7%.

Event-driven hedge funds rose 2.19% on the month (4.7% YTD), relative value funds rose 1.5% (5.33% YTD) and macro funds 0.28% (down 0.74% YTD).

Emerging markets funds were up across the board, rising 3.77% on the month (2.36% YTD). Latin America funds soared 4.63% in July (1.16% YTD), followed by Russia and Eastern Europe funds (4.11% in July, 5.31% YTD) and Asia ex-Japan funds (3.61%, 0.57% YTD).

Funds of hedge funds were up 0.74% last month, but remain down 0.47% on the year.


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Editor's Note