WEST PALM BEACH, FL (www.hedgeco.net) – While hedge funds posted positive returns in July, new data from Credit Suisse First Boston/Tremont shows that they lag the broad equity markets for the month.According to new data from CSFB/Tremont, the average hedge fund gained 1.92 percent for the month of July, while the NASDAQ and Dow Jones Industrial Average gained 6.2 percent and 3.6 percentrespectively.
However, July was a better month for the hedge fund industry as a whole, the industry posted negative returns for most of the first quarter of 2005. Hedge funds still outpaced the broader equity markets in the year-to-date category. The average hedge fund so far this year has gained 3.29 percent in 2005, compared to 0.4 percent and -1.3 percent for NASDAQ and Dow Jones Industrials respectively.
Oliver Schupp, president of CSFB/Tremont index said, “Driven by rallying global equity markets, Long/Short Equity and Emerging Markets managers posted strong results in July.� According to the new data released, the convertible arbitrage managers continue to gain strength following the credit problems of auto makers experienced earlier in the year.
The broader CSFB/Tremont investable hedge fund index gained 0.88 percent in July, pushing its year-to-date average to 1.10 percent.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: Editor@hedgeco.net
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