Hedge funds turned in better performance numbers for August than the major equity indexes, and it’s because they made the most of a general sell off of risky assets on the broader equity and bond markets, according to preliminary roundup by Morningstar.

The group also benefited from strategic moves among managed futures funds that took advantage of rising Treasury prices. The Morningstar 1000 Hedge Fund Index rose 0.1%, and the currency-hedged Morningstar MSCI Composite Hedge Fund Index rose 0.6%, while most global equity markets—especially those in the United States—saw declines.

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