According to data released Sept. 10 by Hedge Fund Research, hedge funds rose for the third straight month in August, driven by optimism about the euro. The HFRI Fund Weighted Composite index rose 0.76% during August, as equity hedge and event-driven indexes were up 1.18% and 1.14%, respectively. Despite a strong summer of gains, hedge funds still trail overall equity markets - the HFRI Fund Weighted Composite index is up 3.49% for the year compared with 13.14% for the Russell 3000 index and 6.91% for the MSCI ACWI ex-U.S. index.