US - The Credit Suisse First Boston Tremont Hedge Fund Index is down 0.31% for July 2004, according to CSFB/Tremont president Oliver Schupp.
CSFB/Tremont is the industry’s first asset-weighted benchmark of hedge fund performance.
“While the US experienced substantial volatility among the segments of its equity markets, short biased funds were poised for outperformance,” Schupp said.
“Short sellers were in an ideal position to take advantage of the market’s shift away from lower quality and distressed companies in July, as the month was characterised by lower volumes during the start of the second quarter earnings seasons.”
Co-chief executive officer of Tremont Capital Management, Robert Schulman, said the global macro sector performed well.
“The more diversified/multi-strategy global macro managers appear to be weathering this difficult trading environment better than the more concentrated “classic” global macro managers,” he said.
“This could be due to a higher level of diversification and their ability to engage in strategies that do well in noisy, trendless environments.”
The fund index comprised of 401 funds, as of July 1 this year and performance is calculated monthly.
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