Tech

Hedge funds profit from Facebook shares in July

Josh Peterson Contributor

(Reuters) – Trading oil, the euro and shares in Facebook (FB.O) were among the bets to help drive gains for hedge funds in July, meaning the industry has largely shrugged off the euro zone debt crisis to make money every month so far this year.

The SS&C GlobeOp Hedge Fund Performance Index, which tracks the performance of the majority of hedge fund services provider GlobeOp’s $187 billion (119 billion pounds)in assets administered, rose 1.42 percent in July, taking returns so far this year to 5.74 percent, the firm said in a statement.

Returns are shown gross, meaning they do not take account of hedge fund operators’ lucrative fees, typically a 2 percent annual management charge and 20 percent of performance.

Full Story: Hedge funds profit from Facebook, oil in July