FN – Hedge Fund Research’s benchmark composite index was up just 3.52% in the year to August 31, lagging far behind returns of 13.5% for the S&P 500 and not that far ahead of the 2.1% recorded by global government bonds. Hedge funds face further testing times ahead.
True, the malaise hasn’t been universal. Credit hedge funds, particularly in asset-backed and structured credit, have fared better than most: The HFRI asset-backed fund index was up 10.71% through August. But equity and macro funds have struggled, the latter returning just under 1%.
