With global capital markets generally grinding higher in in August, and mixed price movements across the commodity spectrum, equity and credit investors benefited most. Unlike the broad gains the industry experienced in July, August produced only slightly more winners than losers, with macro and managed futures funds having the highest concentrations of losses. From a strategy perspective, distressed managers have emerged as industry leaders, benefiting from the rebound within energy sector credits, and emerging market hedge funds have been riding country specific exposures of Brazil and Russia for elevated returns. For a second consecutive month, discretionary approaches to opportunities in...