CNN – While some of the largest and most prominent hedge funds reeled in August, Boaz Weinstein’s Saba Capital was up 2.5% for the month, pushing the flagship fund up 7.3% for the year, according to an investor in the fund.
By comparison, a broad index of hedge funds was down 2.3% in August, its largest monthly decline since May 2010. The HFRI Fund Weighted Composite Index is down 1.2% so far this year. HFRI’s index of relative Value Arbitrage funds — which includes funds similar in strategy to Saba — posted a decline of 1.2% in August, only the third monthly decline for the strategy since December 2008. The index is up 1.9% in 2011.
