The outlook on performance has turned a bit more upbeat, as managers across a number of strategies appeared as of mid August to be solidifying upward momentum that began in the second quarter. "Nobody knows whether another exogenous event is about to hit the market," said one fund-of-funds manager, "but it feels better."
After a strong rally in July, U.S. equities gave back some of their gains during the first couple of weeks of August. But other regional equities markets continued to rise, as did the results of some major long-only funds. Caxton Alpha Equity