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From Fin Alternatives:

Hedge funds continued their winning ways in August despite a hiccup for the yearโ€™s best-performing strategy, according to RBC Capital Markets.

The RBC Hedge 250 Index rose 1.65% last month and is up 14.9% on the year. All but one of its nine substrategies were also in positive ground last month, the lone loser being convertible arbitrage, which shed 0.4%.

But itโ€™s unlikely that convertible arb. investors are crying in their soup: The strategy is up 58.32% in 2009, despite the August setback.

Fixed-income arbitrage led the way last month with a 3.05% return (14.22% year-to-date), followed by credit at 2.91% (12.84% YTD), mergers and special situations at 2.24% (23.56% YTD) and multi-strategy at 2.2% (10.64% YTD).

Equity long/short funds added 1.54% on the month (20.17% YTD), macro funds 0.9% (5.23% YTD), equity market-neutral funds 0.62% (3.15% YTD) and managed futures fund 0.4% (1.75% YTD).

Source: Fin Alternatives