Last month Assets held in hedge funds declined 1.26%, the largest decrease since May of last year, according to HedgeFund.net, a New York division of Channel Capital Group Inc.
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Last month was the first since May of this year in which the average hedge fund underperformed equity markets, HedgeFund.net said Tuesday. In the first eight months of this year the average hedge fund increased 6.28%, while the Standard & Poor's 500 rose 5.2%.
The HedgeFund.net database covers more than 7,600 hedge funds, funds of funds, and managed futures products.
