Hedge Funds Fall 1.01% In August

Sep 5 2013 | 1:19pm ET

Hedge funds fell across the board in August, according to a Credit Suisse benchmark.

The Credit Suisse Liquid Alternative Beta replication index dropped 1.01% last month to cut its year-to-date gains to 2.86%. All six of the suite's strategy indices were also in the red in what Credit Suisse head of alternative beta strategies Jordan Drachman called "a difficult month for hedge funds."

Event-driven funds suffered the most difficulties, dropping 1.54% on the month (up 3.79% year-to-date). Long/short fell 1.05% (up 3.51% YTD), global strategies and managed futures each lost 0.8% (up 2.38% and 4.04%, respectively), and merger arbitrage shed a slight 0.06% (up 5.78% YTD).

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