Hedge funds experienced their best six months during the first half of this year since 1999, according to Hennessee Group, a hedge fund advisory firm. The Hennessee Hedge Fund Index rose 11.74% through June 2009, second only to gains of 14.81% a decade ago.

Hedge funds outperformed the broader market indices, including the S&P 500, which increased nearly 2% during the first six months of the year.

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