It has been a very difficult period over the past year for hedge funds globally, particularly for those involved in equity, event-driven and convertible strategies, and specifically in Asia and emerging markets.
The overall performance of the industry, as measured by the HedgeFund Intelligence Global Composite index, was not great over the year to the end of August 2008 – but, nevertheless, left average NAVs still slightly above the level of one year earlier. And this...