Two top, if downtrodden, hedge funds bucked their peers in July to get back into the black.
While the average hedge fund muddled through a middling (at best) month, Renaissance Technologies and Tudor Investment Corp. turned things around to start the second half. The former's Institutional Futures Fund rose 4.44% last month to bring its year-to-date returns back above break-even at 1.85%, Dealbreaker.com reports. The latter's Momentum Fund did nearly as well, rising 4.11% to bring its 2011 return to 0.71%.
Both funds took it on the chin during a brutal May and June for the hedge fund industry. RenTech's largest fund lost 4.95% in May and 1.94% in June, while Tudor Momentum dropped 6.75% and 1.6%.
Tudor's Tensor Fund also posted gains last month, rising 1.48%. But it remains down 6.08% on the year.