A SURGE in volatility. Plunging global stock markets. A surprise Chinese currency devaluation.
That was August, among the more eventful months for world markets since the collapse of Lehman Bros and the 2008 financial crisis. In theory, that's exactly the environment that hedge fund managers have been waiting for. After all, many hedge funds are marketed as helping to smooth out volatility while delivering superior risk-adjusted returns.
So how did hedge funds fare last month?
The results are mixed. The average hedge fund, as measured by the HFRX Global Hedge Fund Index, declined 2.2 per cent. In comparison, the benchmark Standard & Poor's 500 index ended down 6.3 per cent in August, while another...
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