Hennessee: Hedge Funds Up 0.47% In July

Aug 8 2012 | 12:04pm ET

Caution cost hedge funds a chance to profit from July's market rally, a major industry index shows.

The Hennessee Hedge Fund Index rose just 0.47% last month, compared to 1.26% for the Standard & Poor's 500 Index. Arbitrage and event-driven funds managed a 0.7% gain, while long/short equity funds had to settle for an average bump of 0.05%.

"July was another choppy month for equity markets and risk assets in general," Hennesse Group's Charles Gradante said. He noted that shorts hurt hedge fund performance in July, making it difficult for managers to increase their short bets.

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