Hedge funds made relatively strong returns in July but failed to match the performance of their long-only peers, according to new figures released by CSFB/Tremont and MSCI, two leading index providers.

The CSFB/Tremont Hedge Fund Index rose by 1.92% in July following growth of 1.31% in June, while the MSCI Hedge Fund Composite Index rose 1.7% compared with 1.5% a month earlier.