MarketWatch – A rally last month in bank stocks such as Bank of America Corp. boosted returns of some hedge funds, including funds run by Paulson & Co.
Managers focused on financial-services stocks returned 4.29% on average in August, according to industry consultant Hennessee Group LLC. That was the best performance of any strategy last month. These types of hedge funds are now up 22.77%, on average, so far this year, the fifth-best strategy, Hennessee’s data show.
