Hedge Funds Up 1% In July

Aug 3 2012 | 11:17am ET

Hedge funds began the third quarter in the black, according to a widely-followed industry index.

The Dow Jones Credit Suisse Core Hedge Fund Index rose 1.02% last month, not far off the Standard & Poor's 500 Index' 1.26% return. The alternative investments benchmark is now up 1.45% on the year.

All but one of the seven strategies tracked by the indices gained ground last month. Managed futures funds led the way, nearly erasing its June loss with a  3.26% July return (2.91% year-to-date).

Global macro funds rose an average of 1.61% (3.83% YTD), convertible arbitrage funds 1.29% (5.32% YTD) and long/short equity funds 1.18% (down 2.01% YTD). Emerging markets funds added 0.59% (0.41% YTD) and event-driven funds 0.28% (0.96% YTD).

Fixed-income arbitrage funds were the only losers, falling an average of 0.57% last month (up 0.9% YTD).

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Editor's Note