Global hedge funds finally reversed two consecutive months of declines by making positive returns in July, the HFRI Fund Weighted Composite Index gaining+1.82 per cent: up +1.52 per cent YTD. By comparison, the Eurekahedge Global Hedge Fund Index recorded a +1.42 per cent climb for July (+1.17 per cent YTD). Of note, its Asian Hedge Fund Index was up +1.85 per cent at the time of writing, eradicating some of this year’s loses to leave it -0.44 per cent YTD. July returns for the Asia ex-Japan HF Index were an impressive +3.56 per cent, but May’s catastrophe means that it remains the only regional index in the red at -0.14 per cent YTD. Interestingly, Hedge Fund Research has its Emerging Markets: Asia ex-Japan Index showing returns of +3.61 per cent, taking it into positive territory (+0.57%) YTD. According to Eurekahedge, Japan’s performance was rather more muted for July compared to the rest of Asia. Its Japan Hedge Fund Index recorded gains of +0.32 per cent. Nevertheless, with returns of +1.92 per cent this year it is still the strongest regional performer.