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Bonds were barely positive for the month, as the Barclays Aggregate Bond Index increased by +0.02%, (-1.60% YTD).

The top three strategies for the month were Distressed (+4.99%), Latin America (+4.21%) and Short biased (+3.91%). While, the bottom three strategies for the month were Merger Arbitrage (-0.62%), Convertible Arbitrage (-0.11%) and Opportunistic (+0.03%). For the year, Short Biased (+16.67%) leads all strategies while Distressed (-11.08%) brings up the rear.

Equity long/short hedge funds were positive for the month, as the Hennessee Long/Short Equity Index rose +0.67% (+4.78% YTD).

The better performing sectors were Healthcare (+8.44%), Consumer Staples (+7.85%) and Consumer Discretionary (+5.66%). While underperforming sectors were Information Technology (+2.39%), Telecommunication (+2.70%) and Industrials (+3.34%).

The Hennessee Arbitrage/Event Driven Index increased +0.69% for the month (+1.57% YTD). The Barclays Aggregate Bond Index increased +0.02% for the month (-1.60% YTD) as interest rates were flat for the month.

The Merrill Lynch High Yield Master II Index decreased -6.74% for the month, and high yield spreads decreased 25 basis points to end the month 346 basis points over treasuries. The Hennessee Distressed Index was positive for the month by +4.99% (-11.08% YTD).

The Hennessee Merger Arbitrage Index decreased -0.62% for the month (+3.40% YTD). The MSCI ACWI Index increased +3.07% (+1.70% YTD) and the MSCI EAFE Index increased +2.42% (-2.18% YTD). The Hennessee International Index increased +0.50% for the month (+0.87% YTD).

The MSCI Emerging Market Index increased +3.53% for the month (-4.17% YTD), while hedge fund managers outperformed the index, as the Hennessee Emerging Market Index increased +2.15% for the month (+3.37% YTD).

The Hennessee Global/Macro Index increased +1.04% for the month (+1.89% YTD). The Hennessee Macro Index increased +0.16% for the month (+1.38% YTD). Fixed income managers were positive for the month with the 10-Year U.S. Treasury ending the month at +2.96%, up 11 basis point from +2.85% in the previous month. WTI oil decreased by -5.73% in July while natural gas decreased by -4.73%.