Event-driven hedge funds lead all hedge fund strategies through August

Hedge funds - measured by the Credit Suisse Hedge Fund index - returned 4.03% through August, according to data released by the firm Monday. By strategy, event-driven funds have posted the best returns so far in 2013 at 8.6%, led by distressed funds at 8.87% and multistrategy event-driven funds returning 8.5%. Long/short equity funds are up nearly 8% on the year vs. 16.9% for the Russell 3000 and 3.7% for the MSCI ACWI IMI ex U.S. index through August.