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Bailey McCann, Opalesque New York:

Hedge funds eked out positive performance for the month of July. According to new data from fund administrator Citco, hedge funds posted positive performance across two-thirds of fund strategies, with a weighted average return of 0.6% in July, an increase from 0.4% in the previous month.

Asset flows to hedge funds also returned to positivity, with net inflows of $3.3 billion. Subscriptions reached $10 billion ahead of redemptions of $6.7 billion, taking net inflows year-to-date to $3.1 billion.

The top performing strategies in July were fixed income arbitrage and multi-strategy, with weighted average returns of 1.4% and 1.0% respectively, closely followed by global macro at 0.9%.

Equities strategies performed well in June with a weighted average return of 1.5%, but that fell apart in July and equities funds posted a return of just 0.1% in July. Commodities and event driven funds also had a rough month posting returns of -1.8% and -0.4%, respectively.

Investors rewarded multi-strategy funds in July, they saw the biggest net inflows at $2.3 billion, reversing much of the previous month's outflows. Equity funds and fund of funds also saw net inflows of $0.8 billion and $0.2 billion respectively. Emerging markets strategies were the only funds to see outflows at $0.1 billion.

Hybrid funds, which had seen the most net inflows prior to July, were flat as subscriptions of $2.1 billion matched redemptions at the same fig......................

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