After losing ground in June, hedge funds bounced back with a 1.64% gain in July, reports Preqin.
The July numbers brought hedge funds' year-to-date returns to 5.39%.
All strategies tracked by the data provider ended July in the black with the exception of CTAs, which lost 0.75%, their third consecutive negative month. The best performers in July were event-driven funds (up 2.06% on the month and 9.06% YTD) and long/short funds (up 2.05% on the month).
Funds of hedge funds returned 0.86% while long/short funds of hedge funds returned 1.70%.
UCITS hedge funds returned 1.52% in July with long/short UCITS hedge funds returning 2.50%.
North America was the best performing region during the month, posting returns of 2.73%, followed by Europe (1.90%) and Asia Pacific (1.81%).
Preqin reports that 70% of investors polled believe hedge funds will report cumulative 2013 returns between 7% and 10%.