Energy spike spurs clear winners and losers


E nergy was the name of the game in August, its volatility leading to clear winners and losers among long/short equity funds. With a big upward spike in prices (light, sweet crude climbed about $10 per barrel that month to hit an all-time high of $70.85 on August 30), and the ensuing breakdown of historical correlations among natural gas, power and oil, equity funds reported a wide range of results.

Overall, U.S. equity hedge funds recorded a median gain of 0.8% for the month, according to research by Absolute Return. By comparison, the S&P 500 index fell 0.91% in