BOSTON ( TheStreet) -- Hedge funds, which have already begun reporting second-quarter results, are posting tepid performances as they have been whipsawed by geopolitical and macroeconomic events.The Dow Jones Credit Suisse Hedge Fund Index, which tracks 9,000 hedge funds with assets of $50 million or more, indicates that they gained 1.7% on average in the first half of 2011.
Large hedge funds, which are those with over $500 million in assets, took in the most new money in the second quarter, at about $12.1 billion, the report said. The Dow Jones Credit Suisse Hedge Fund Index includes hedge funds with a minimum of $50 million in assets taken out of a database of 9,000 funds tracked by Credit Suisse. Not all hedge funds had a lackluster second quarter. The world's largest private equity and hedge fund manager, Blackstone Group ( BX), reported its second quarter results July 21, which showed a 140% increase in revenue. Its hedge fund business contributed $84.5 million of that, up from $63.8 million last year, but down 25% from the first quarter's $105.4 million. Blackstone had a net profit, which it reports as "economic net income," of $703 million in the quarter, up 243% from the $205 million profit in the same period last year.
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