(Reuters) Marcato International, an activist hedge fund that mainly bets on U.S. equities, returned 10.4 percent in July, handily beating the broader stock market index’s gain, when the fund made two new investments.
July’s gain helped shrink the fund’s losses for the year, leaving it down 2.7 percent through the end of July, according to a shareholder update sent to investors in the $1.5 billion fund firm and seen by Reuters on Tuesday. The Standard & Poor’s 500 index climbed 3.7 percent in July and is up 7.7 percent for the year.
