August was a challenging month for many hedge funds as volatility spiked across equity, commodity, currency, emerging markets and fixed income assets. All but two of the HFRI indices were down that month; the Short Bias Index funds (5%, 1.1%YTD) reaped from their shorts and the Fixed Income-Asset Backed Index (0.07%, 2.9% YTD) was almost flat. YTD, the aver