Performance

Hedge funds make modest gains in July

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July was a generally positive, if not exactly stellar, month for most hedge fund strategy types, with a median return across all reporting funds of 0.83%.

Most European equity managers made money in July and the group posted a median return of 1.17%. Tim Steer’s Artemis UK Hedge was among the best performers with a monthly return of 11.13%, thanks in large part to a successful short position in troubled social housing contractor Connaught. At the other end of the scale, Jesper Uttrup’s Cresco — positioned bearishly in recent months — made a 13.41% loss.

Global equity funds did a