Hedge Funds Shed 0.54% In August

Sep 17 2013 | 11:30am ET

Hedge funds sank with stocks last month, but took on far less water than the broader markets.

The average hedge fund fell 0.54%, according to the Credit Suisse Hedge Fund Index. By contrast, the Standard & Poor's 500 Index lost 2.9% in August. Still, the broad-market equity index is up more than 16% on the year, compared to just 4.03% for the hedge fund benchmark.

Hedge fund strategies posted mixed results on the month. Convertible arbitrage funds had the best August, rising 0.72% (4.47% year-to-date). Fixed-income arbitrage added 0.21% (1.95% YTD), event-driven multi-strategy 0.16% (8.5% YTD), multi-strategy 0.08% (5.12% YTD), dedicated short-bias 0.03% (down 17.36% YTD) and risk arbitrage 0.01% (2.95% YTD).

Managed futures funds took the biggest hit last month, falling 2.77% (down 7.26% YTD). Equity-market neutral fell 1.72% (up 3% YTD), long/short equity 1.11% (up 7.98% YTD), global macro 0.92% (up 0.66% YTD), distressed 0.48% (up 8.87% YTD), emerging markets 0.24% (up 2.87% YTD) and event-driven 0.04% (up 8.6% YTD).


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