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.

Still, in the first half of the year, hedge funds returned 6.14%, ahead of most market indices.

The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.

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