Hedge funds returned an average of +0.59 per cent in July, and are +0.79 per cent through the first seven months of 2018, according to eVestment’s latest Hedge Fund Industry Performance Report. Pockets of good performance though, are still being overshadowed at the aggregate level by underperformance from macro and managed futures products. Nearly 63 per cent of reporting products produced gains in July, yet eight of the ten largest products declined in the same month.