August 2005 Performance Review Of The Dow Jones Hedge Fund Strategy Benchmarks - A Monthly Report From Dow Jones Indexes On The Performance Of The Dow Jones Hedge Fund Strategy Benchmarks

For the six hedge fund strategies covered by Dow Jones Hedge Fund Indexes, distressed securities and event driven have been the best performers so far in 2005. The distressed securities benchmark gained 1.36% in August and is up 5.41% for the year while the event driven benchmark is up 0.61% for the month and 5.13% on a YTD basis.

The merger arbitrage benchmark gained 0.37% in August and has yielded positive gains in seven of the eight months in 2005 - its YTD return is 3.12%. The 0.08% gain of the equity market neutral benchmark for the month pushed its cumulative YTD return to 1%.

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