What gives? It's a tale of two fund types right now. FINalternatives reports the Greenwich Global Hedge Fund Index gained 0.13 percent in July. That actually beat the Standard and Poor's 500, which fell. So far this year, the Greenwich index is up nearly 8 percent. Of course, hedge funds thrive on volatility, so it may be that the non-credit-oriented hedge funds have fared well, despite some of the high-profile blow-ups and some creaking performance by some really big names, like Renaissance. Apparently, funds with high credit-risk exposure makeup only a small portion of the hedge fund universe. Another expansion, however, is that the losses of many funds have been masked because certain securities have yet to be marked to market. So there's no real reason to breathe easier. Not yet anyway.  

For more:
- here's the article from FINalternatives
- more hedge fund news