Hedge funds returned 1.85% in August, beating only the Nasdaq’s 1.54% returns. The Dow rose 3.54% in the month, followed by the S&P 500’s 3.36% increase, according to Hennessee Group.

Year-to-date, however, hedge funds are up 17.3%, beaten only by the Nasdaq’s 27.4% return. In the first eight months of the year, the Dow has risen 8.2% and the S&P 12.99%.

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