Aussie Hedge Funds Rise 3.6%, Led By Equity Strats.

Aug 13 2009 | 12:06pm ET

Like their counterparts around the world, Australian hedge funds gained ground for the fifth straight month in July. And just like their global peers, they badly trailed the month’s equities rally.

Down Under hedge funds advanced 3.6% last month, according to early estimates from the Australian Fund Monitors Index. Aussie hedge funds are up 11.4% this year.

But the Australian stock market did better—much better—in July than did the country’s hedge funds: The S&P/ASX 200 Index rose 7.3% on the month. Unsurprisingly, this buoyed equity-based hedge fund strategies in a big way.

“Equity-based funds are just shy of recouping all their losses of the past 12 months,” AFM CEO Chris Gosselin told Bloomberg News.

Indeed, they even topped the equities markets, with equity long/short funds returning 7.9% in July. But contrast, equity income funds took a beating, dropping 6.4% on the month.

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