Goldman's Global Alpha plunged in July

Goldman Sachs Group Inc.'s flagship hedge fund fell 8% during the last week of July, according to Financial News. The Goldman Sachs Global Alpha fund posted a 7.7% loss before fees in the week ended July 27, pushing its performance for the year down 12.1% before fees, according to an investor cited in a Financial News report. The loss increases the fund's run of disappointing returns to more than 18 months, having reported a loss of 6% last year. The fund gained 40% in 2005 and its annualized return, before fees and is up 15.1% since it was launched in 1995. In a letter written to investors in June, David Viniar, Goldman's chief financial officer said that here had been no redemptions in the fund. David Viniar, Goldman Sachs' chief financial officer, said in June there had been no substantial redemptions from the fund. However, in the last two quarters the hedge fund's poor performance has dented Goldman Sachs Asset Management's profits because it failed to earn performance fees, according to the report.