The summer decline in U.S. fund performance ended in August,
as the economy showed increasing signs of a recovery. Leading
the pack once again was Global Equity, up 1.71% on last month
and 11.21% for the year. Meanwhile, the Convertible Equity
Arbitrage index was in the red for the third month in a row
amid rising interest rates and low equity volatility.
Distressed sustained its all-positive 2003 run in August,
boasting the highest year-to-date of all strategies at 12.21%.
The markets benefited from an increase in consumer spending
stimulated by tax relief for a 7.39% annual return to date, in
turn driving U.S. Equity up 1.28%. Reflecting stronger returns
across the board, the industry composite was up 0.7%...