Hedge Funds gained 0.54% in July according to the Barclay Hedge Fund Index compiled by BarclayHedge, versus a 3.72% increase in the S&P 500 Total Return Index. Year to date, the Barclay Index is up 1.04%, while the S&P has gained 6.47%.

"In spite of July's rise in global equities, hedge fund performance was mixed," says Sol Waksman, founder and president of Barclay