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Benedicte Gravrand, Opalesque Geneva:
Equity markets have not been steady of late and some think they will not get any better. They were highly volatile in July, and corrected somewhat in August, what with, among other things, S&P’s downgrade of U.S. debt, Morgan Stanley’s economists slashing their global growth outlook, and the ongoing, unworkable European debt crisis.
But in July, hedge funds, including long/short equity funds, generally outperformed equity markets. We have yet to see if they will do the same in August – but the current signals show they will not.
The Barclay Equity Long/Short Index was down 0.24% in July (+0.78% YTD) and the main hedge fund index was down 0.11% (+0.95% YTD). "In spite of wide-spread economic 'dis-ease’, hedge funds on average were able to break even for the month," BarclayHedge commented.
As for Hennessee’s Long/Short Equity Index, it was down 0.55% in July (+2.23% YTD), its third consecutive negative month, and the main hedge fund index was down 0.25% (and +1.41% YTD).
Meanwhile, the S&P 500 declined -2.15% (+2.75% YTD), the Dow Jones Industrial Average fell -2.18% (+4.89% YTD), and the NASDAQ Comp...................... To view our full article Click here
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