S&P 500 beats hedge funds for second consecutive month

According to Reuters hedge funds on average gained 1.05 percent in July, trailing the benchmark S&P 500 Index for the second straight month, according to data from research firm Hedge Fund Research Inc.  Hedge funds in the $2.1 trillion industry were up 2.88 percent this year on average, HFR said. By comparison, the S&P 500 was up 7.41 percent through July. Last month the index rose 1.26 percent.

Funds with a "short" bias nearly tripled the industry average, however, with a 2.95 percent gain in July after falling 1.08 percent the month prior. But funds that bet against the markets are still down 3.68 percent for the year….

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