According to the gurus at Reuters, U.S. hedge funds in August suffered their worst month in more than a year, new industry data shows. Volatility on Wall Street in August resulted in an average 2.32 percent decline for U.S. hedge funds, said Hedge Fund Research on Thursday. The August declines pushed the benchmark HFRI Fund Weighted Composite index into the red for the year.
It was the worst month for hedge funds since May 2010, according to HFR. Still, the hedge fund industry as a whole did better in August than the broader Standard & Poor's 500 stock index, which fell 5.7 percent. Nearly all types of hedge funds were hurt in what appeared to be a perfect storm of economic turmoil, including the European sovereign debt crisis, a drawn out debt ceiling showdown in the United States and the downgrading of U.S. Treasury securities.
Only short-sellers, who bet that stocks will fall, and global macro funds, which bet on interest rates and currencies, emerged with gains….
Read more at http://www.reuters.com/article/2011/09/08/businesspro-us-hedgefunds-august-idUSTRE7876YT20110908
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