Hedge funds finished the volatile first half with modest declines. The HFRI Fund Weighted Composite Index lost 0.81% in June, more than offsetting the gains in the first five months of the year to leave the index down 0.18% for the first half of 2010.

"After a quiescent first quarter, volatility increased significantly in the second quarter with concerns about sovereign credit risk, currency policy adjustment, economic and energy market impact of the environmental disaster and concerns about slowing growth in both developed and emerging economies contributing to declines in global equity markets, a powerful late-quarter rally in U.S. Treasury bonds and volatile directional moves in currency & commodity markets," the index's publisher, Hedge Fund Research, said in a press release Thursday.

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