Hedge Funds Extend Summer Gains on Euro Optimism

Hedge funds posted gains for the third consecutive month in August, as the Euro advanced on optimism for a resolution of the European sovereign debt crisis.

The HFRI Fund Weighted Composite Index posted a gain of 0.8 per cent for the month, with leadership across equity hedge, event driven and relative value strategies, with each of these also posting their third consecutive monthly gain, according to HFR.

Equity hedge funds had the strongest contribution to overall industry performance, with the HFRI Equity Hedge Index gaining 1.2 per cent for the month. Gains were broad-based across the strategy, with quantitative directional, fundamental value and fundamental growth all gaining between 1.25 and 1.6 per cent. Other EH strategies had positive contributions to August gains, with equity market neutral, energy and technology-focused funds gaining between 0.6 and 1.2 per cent; short bias funds detracted from performance.

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