Hedge funds largely lagged the major stock market indexes in August, said Hennessee Group, yet the industry chalked up another month of gains after the record beating it took in 2008.

The Hennessee Hedge Fund Index rose 1.85% last month, underperforming the Dow Jones Industrial Average and the S&P 500 index, the company said Tuesday.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.