Hedge funds slipped 0.2% in June, while the Standard & Poor's 500 Index rose 0.14%, Reuters reports. The dip followed a 1.16% decline in May, when hedge funds did slightly better than the average mutual fund, which fell 1.87%.

"It looks like there was a bit of damage control after the previous month," said Joshua Rosenberg¸ president of Hedge Fund Research. It appears that hedge fund managers took on less risk in June, Rosenberg and other analysts said.

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