BOSTON, Sept 13 (Reuters) - Three-quarters of the U.S. hedge funds that report to performance tracker Barclay Group lost money last month, making it the worst four weeks in more than a year for the loosely regulated $1.75 trillion industry.
“Seventy-four percent, of the more than 2,600 hedge funds that have so far reported an August return, have reported a loss,” Sol Waksman, founder and president of the hedge fund data group, said on Thursday.
Hedge funds were hurt by losses in the stock market and as banks reduced credit lines amid growing problems in the sub-prime mortgage sector.
The average hedge fund lost 1.4 percent, according to the Barclay Group. The numbers are similar to those reported on Monday by Hedge Fund Research, which also tracks performance.
So called funds-of-funds, which seek to spread the risk of hedge fund investing by selecting a portfolio of these funds, lost 2.16 percent in August.
Hedge funds are not required to report their performance data and thousands choose not to. (Reporting by Svea Herbst-Bayliss)