Hedge fund performance declined last month, but continued to outperform broader stock markets.

According to the Hennessee Hedge Fund Index, which is compiled monthly by Hennessee Group. hedge fund performance fell 0.55% in August, as the Dow Jones Industrial Average declined 4.3%, its worst August since 2001; the Standard & Poor's 500 fell 4.7%; and the Nasdaq Composite dropped 6.2%.

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