Hedge funds suffered their first monthly loss since the start of the second quarter in July, with weakness in equity and fixed-income arbitrage strategies dragging the industry’s weighted average return down 0.8%, according to Citco’s latest monthly hedge fund update.
The decline came after three consecutive months of gains through the end of June. Despite the setback, more than half of funds still generated positive returns during the month and the industry’s year-to-date return remained close...
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