The Eurekahedge Hedge Fund Index rose 2.2% in July, bringing its year to date returns to 12%. This is the best year-to-July returns on record.

The Eurekahedge Hedge Fund Index was up 13% since the start of 2007 while the S&P 500 fell 30% over the period.

Average performance fees for funds launched in 2009 (17.9%) were down 10% compared with funds launched in 2008.

Since the start of 2007, hedge funds returned 13% on average compared to a 30% loss for the S&P 500. Assets under management rose for the third consecutive month in July, also marking the third straight month of net inflows into hedge funds, resulting in a nearly $11 billion increase to $1.35 trillion.

The numbers are based on 70% of the funds reporting their July 2009 returns at August 18, 2009.

Hedge fund assets rose for the third consecutive month in July, up by $60 billion since April 2009.