Hedge Funds Add 2.1% In July, Post $1B Inflow

Aug 13 2009 | 1:34pm ET

Hedge funds continued their year-long rally in July, posting positive returns for the fifth straight month and sixth out of seven, according to Eurekahedge.

The Eurekahedge Hedge Fund Index rose 2.1% last month to hit 12% on the year, according to preliminary returns. And while Eureka’s index shows hedge funds still beating the broader markets, they didn’t even come close to matching the Standard & Poor’s 500 Index’s 7.4% rise in July.

“The month’s returns were achieved on the back of strong rallies across underlying equity markets despite a rough start to the month,” Eureka said in its report.

Eight of the firm’s nine strategy indices were in positive ground last month, as were all seven of its regional indices. Among the latter, Asia and emerging markets funds were tops; among the former, it was event-driven funds coming out on top.

Eureka also reports that hedge funds have $8 billion more than they did at the end of June, thanks to trading gains and $1 billion in net inflows.

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