Replication Index Rises (!) In July

Aug 4 2011 | 10:15am ET

In July, one set of hedge fund replication indices may have done a less-than-accurate job—to the profit of its investors.

IndexIQ's IQ Hedge Composite Beta Index rose 0.67% last month—while most hedge fund indices took a dive. The replication index is up 1.3% on the year.

On a strategy basis, IndexIQ's benchmarks split into positive and negative camps. The former were led by the global macro beta index, which rose 2.7% (4.9% year-to-date), followed by event-driven (1.65% in July, 1.92% YTD) and emerging markets (0.97%, down 1.19% YTD).

The losers were headlined by the long/short beta index (down 0.74%, up 1.31% YTD), followed by fixed-income arbitrage (down 0.3%, down 0.2% YTD) and market neutral (down 0.24%, up 0.97% YTD).

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