August results show that global hedge funds, using Hedge Fund Research’s HFRX UCITS III-compliant index, made modest gains of +0.17 per cent, bringing them to +0.18 per cent YTD. Unsurprisingly, given the rally on US and German treasuries, Relative Value arbitrage was one of the stronger performers, posting 0.70 per cent gains to put them at +3.57 per cent YTD. But the biggest gains for the month came from Macro strategy funds; up +1.45 per cent, and eradicating some of the year’s losses to leave them at -1.53 per cent YTD. In particular, systematic trend-following strategies posted 5 per cent gains (up 5.31 per cent YTD). Equity-based hedge funds were down -0.41 per cent.