The CSFB/Tremont Hedge Fund Index is up 0.14% for August 2004, according to Oliver Schupp, president of Credit Suisse First Boston Tremont Index LLC.
The top performing sub-index is Equity Market Neutral, up 2.13%. The main index is up 2.75% year to date. The Investable Index is down 0.34% net for August. The top performing Investable sub-index is Dedicated Short Bias – up 2.14%.
“August was a volatile month in both the US and European equity markets,” says Schupp. “Long/Short Equity managers ended largely flat for the month, trading on very low volumes, which is typical at the end of summer.”
“The Equity Market Neutral managers were generally positive, resulting in the highest return for the month from that sector,” adds Robert I. Schulman, Co-Chief Executive Officer of Tremont Capital Management, Inc. “Increased volatility in the first half of the month generally helped statistical arbitrage managers garner profits. Some fundamental managers, who typically have a long value/short growth bias, posted gains on the short side of their portfolios as growth-driven equities underperformed value driven equities during the month.”