Hedge funds posted a 1.65 per cent gain in July, driven by a stock market rally which helped reduce their losses for the year to date, data provider HFR said on Friday.
"Led by high beta strategies, hedge funds posted the strongest gains in 15 months, as powerful risk-on sentiment drove a sharp reversal in equity markets, while the US economy entered a recession and the US Federal Reserve raised interest rates again in an effort to slow generational inflation," said Kenneth J Heinz, President of HFR.
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For the year to date, hedge funds remained down 4.1 per cent, the fund weighted composite index showed.
Equity hedge funds posted gains of 2.89 per cent, underperforming the S&P 500, which went up 9.11 per cent last month.
