July 20, 2007 (LPAC)--An entire hedge fund index which on July 16 had reported hedge funds' assets were up in June and for the year, had to correct its index on July 19 to show big losses!

The London Financial Times reported that the Credit Suisse/Tremont Hedge Index published a report showing its index of hundreds of fixed-asset arbitrage hedge funds up 0.2% in June, and 3.7% up for the year to date--on July 16. But three days later, its corrected index showed the same funds having lost 6% of their assets in June, and down 7.5% for the year! The index includes the two notorious, wiped-out Bear Stearns hedge funds, but also many other "late reporting" funds which suffered losses.