All major hedge fund strategies reported modest gains in August, bringing the Absolute Return Composite Index to 0.62% for the month, according to preliminary research. Those results put hedge funds ahead of the broader U.S. stock market gauges: Last month, the S&P 500 lost 1%, and the Nasdaq Composite fell 1.5%. But bonds did better: in August, the Lehman Brothers Aggregate Bond Index gained 1.3%.
Global equity outperformed all other strategies, up 1.64% in August for a year-to-date return now approaching double digits (at 9.64%). U.S. equity gained 0.8% on short selling, which on top of a strong July