August hedge fund performance and July asset flows from Morningstar

Morningstar just issued preliminary hedge fund performance for August as well as asset flows through July. The Morningstar MSCI Composite Hedge Fund Index fell 2.4% in August, but still significantly outpaced the S&P 500’s 5.4% decline for the month.

Funds in the Morningstar MSCI Europe Hedge Fund Index posted some of the largest declines in August, 4.5% on average, but they held up significantly better than the MSCI Europe Index, which plummeted 10.0%. Relative-value strategies, including arbitrage, performed comparatively well this month, as these strategies hedge out equity market risk.

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