August will probably be a 1-2% down month though: http://www.finalternatives.com/node/2330 HFRI Shows Quiet July August 16, 2007 Hedge Fund Researchâs HFRI Fund Weighted Composite Index posted positive returns for July in spite of the subprime mess and sinking equities markets. The index added 0.45% on the month, and is up 7.95% year-to-date. Almost all subindices were within one percentage point of flat for the month. The top performers were emerging markets (up 3.19% in July, 18.03% YTD) and macro (1.36%, 6.93% YTD). Equity hedge was also in the black (0.48%, 8.63% YTD). Relative value arbitrage had the toughest month (down 0.81%, up 5.66% YTD). Other losers included merger arbitrage (down 0.56%, up 5.69% YTD), distressed securities (down 0.4%, up 6.68% YTD) and convertible arbitrage (down 0.21%, up 4.43% YTD). Event-driven was essentially flat (down 0.08%, up 8.32% YTD). By contrast, the HFRI Fund of Funds Composite Index and its five subindices were all in positive ground on the month, though none exceeded 1%. The main FoF index was up 0.43% in July (8.32% YTD).