New York (HedgeCo.Net) – Hedge funds gained 1.28% in August, according to the Barclay Hedge Fund Index compiled by BarclayHedge. The Index is now up 4.44% in 2014.

“The S&P 500 gained four percent in August, propelling the index into new high ground,” says Sol Waksman, founder and president of BarclayHedge. “Global equity markets followed suit and rallied as well.”

Overall, 16 of Barclay’s 18 hedge fund indices had gains in August. The Barclay Healthcare & Biotechnology Index jumped 4.21%, Equity Long Bias was up 2.33%, Technology gained 1.53%, Global Macro added 1.24%, and the Emerging Markets Index rose 1.10%.

The Equity Short Index fell 4.46% in August, and Convertible Arbitrage slipped 0.15%.

Year to date, the best performing hedge fund strategy is Healthcare & Biotechnology, with a 12.69% gain. The Distressed Securities Index is up 6.22%, the Event Driven Index has gained 5.42%, Fixed Income Arbitrage is up 4.90%, and Equity Long Bias has gained 4.77%.

Only two BarclayHedge indices have losses in 2014. Equity Short Bias is down 13.28%, and the Technology Index has lost 2.36%.

The Barclay Fund of Funds Index gained 0.80% in August, and is up 2.27% in 2014.

Click here for the August 2014 Hedge Fund Monthly Performance Awards.