Goldman Sachs Group Inc.'s Global Alpha hedge fund fell 22.5 percent in August, its biggest monthly decline, on losses from currency and stock trades, according to an update sent to investors. The fund, managed by Mark Carhart and Raymond Iwanowski, dropped by a third in 2007 and 44 percent from its March 2006 peak. Investors notified New York-based Goldman last month that they plan to withdraw $1.6 billion from the fund, or almost a fifth of its assets as of July 31. The month's biggest loss was an 8.9 percent decline in currencies, mostly from the fund's decision to sell Japanese yen and buy Australian dollars. The so-called carry trade unraveled when the Australian dollar fell 6 percent against the yen in August. The managers lost 4.7 percent in equities, including stocks in the U.S., Norway and Finland. http://www.bloomberg.com/apps/news?pid=20601087&sid=aVGq2Ll9Lntw&refer=home What a mess !