Despite hedge funds that have received returns on investments in commodities and emerging-market stocks, the hedge fund industry, as a whole, is set to turn in their worst monthly performance since July 2002.

Hedge funds are still outperforming the broader market, but opening data from Hedge Fund Research suggested that the industry could be down 2.8% for July.

The S&P 500 index suffered only a 1% fall for the month of July, but is down 14% for the year.

Some funds started the month above others, yet ended the month in the red, such as Jana Partner’s LLC’s flagship fund. It started July up more than 4% for the year yet fell 9% as the price of energy stocks and others fell.

The fund is now down almost 6% for the year.

“It was a comeuppance month” for hedge funds, Jay Krieger, who runs Fundamental LP, told The Wall Street Journal.

Other funds in Highland Capital Management, Boyer Allan and other top hedge funds are continuing to experience losses.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.