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Hedge Funds Gain

Hedge Funds Gain

Hedge Funds Gain 2.42% in July 2009

Hedge funds have continued this years impressive rally with more gains in July. According to data, the average hedge fund gained 2.42% last month, a much higher gain that the 0.13% increase in June. This signals a broader recovery of the hedge fund industry which struggled with redemptions and poor performance last year. On average hedge funds are up by 12.17% for this year through July 31.

"Overall, the hedge fund industry is continuing to build itself back up from the low points," said Scott Esser, chief operations officer for the Hedge Fund Research in Chicago. Strong "equity market returns had a lot to do with it and the return of credit and decrease of volatility has helped," he added.

The returns still fell short of the Standard & Poor's 7.4 percent rise in July. Last month, the Dow industrials had their best July since 1989 and the S&P 500 and Nasdaq recorded their best gains for July since 1997.

Still, the figures marked the fifth consecutive month of gains for the hedge fund industry, which posted a record 19 percent loss in 2008. The industry saw investors pull out a record $152 billion in the last three months of 2008.

This year, July returns were driven by strong performances at fixed-income funds that specialize in "convertible arbitrage" strategies that match the purchase of convertible bonds with short positions. The these funds were up 7.27 percent in July on average and up 38.63 for the year. Read more..

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