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Hedge funds prosper in tumult

A number of hedge funds, both big and small, are recording double-digit gains this year.

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GAINING FROM THE TURMOIL: Firms that make trades off the market turmoil have done especially well while those with more concentrated positions and longer-term views have tended to fare the worst.

A MARKET sell-off that ricocheted across the globe last month reversed the fortunes of many of Wall Street's star investors. But it is not all doom and gloom in the US$3 trillion hedge fund industry.

A number of hedge funds, both big and small, are recording double-digit gains this year