Dutch hedge funds gained an average 0.2 per cent in July, as measured by the Finles/IEX Dutch hedge fund index, despite their very cautious positioning. Most quantitative strategies and macro funds showed losses due to the sudden positive momentum in the markets. Most equity related fund benefited from stock market gains. The five funds with the best July performance were: Trade Wind Equity Fund; Fonds Bloemendaal; Aster-X Panorama Fund; Branta Solutions Fund; and Henderson Global Currency Fund. The five funds with the best year-to-date performance are: Trade Wind Equity Fund (+23 per cent); QTR Fund (+16 per cent); HIQ Invest Market Neutral Fund (+ten per cent); Fonds Bloemendaal (+nine per cent); and All Markets Fund (+seven per cent).