How bad is it for hedge funds?

We knew that July and August were tough. But just how tough for hedge funds? The Hennessee Hedge Fund Index has fallen 4.1 percent year-to-date. In August alone, it fell .72 percent. The index has been positive in just three months this year. "This is the worst start to a year for hedge funds since the beginning of the Hennessee Hedge Fund Index in 1987," Hennessee Group co-founder Charles Gradante notes. Global macro and equity long/short funds were weak in August. But the biggest losers were emerging markets funds. Short-biased funds, the big winner YTD, nevertheless had a bad month, as stocks rallied. Arbitrage and event-driven funds were able to eke out gains.

For more:
- here's the release

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