Eurekahedge: Hedge Funds Up 1.42% In July

Aug 11 2010 | 11:29am ET

July was the best month for hedge funds since March, with the average fund advancing 1.42%, according to Eurekahedge.

The Eurekahedge Hedge Fund Index rose out of the red last month and is now up 1.17% on the year. Returns were broad-based, with all seven of the firm’s seven regional hedge fund indices posting gains on the month. July’s bounce also ended a two-month losing streak for the index.

Event-driven funds did best last month, rising 2.67%. Long/short funds were up 2.03%, while distressed debt funds were up 7.6% on the year.

Regionally, Asian funds did best, rising 3.56%—about half the July return of the Standard & Poor’s 500 Index. North American hedge funds added 1.54%, with European funds just behind at 1.51%.

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