U.S. funds


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