In summary
Hedge fund performance was negative in July, with the asset-weighted Hedge Fund Composite returning net -0.72%. Long biased was the best-performing master strategy at +1.34%; quant (+0.66%) and arbitrage (+0.25%) were the only other positive master strategies while equity long/short was the weakest at -3.82%. A sharp unwind in AI and semiconductor equities, concentrated in Korea and other Asian markets, weighed on equity strategies, while the oil-led commodity rally supported long biased exposure.
