Two major hedge funds post losses

Two major hedge funds posted losses during the month of July. Greenwich, Conn.-based Tudor Investment Corp.'s Raptor Fund fell 9% last month, while New York-based Caxton Associates LLC's flagship hedge fund fell about 3%, according to a Bloomberg report. The loss by the Raptor fund, which is managed by James Pallotta, left the $8.9 billion fund down 2.9% for the year through July 27. Mr. Pallotta has posted an annual return of 19.2% since Raptor began in October 1993, almost double the Standard & Poor's 500 Index. Tudor manages $20 billion. Meanwhile, Caxton Global Investments' $11 billion fund held on to a 3.5% gain for the year through July. Caxton, which manages $16 billion, has gained more than 29% each year since 1991. Founder Bruce Kovner's trades many types of securities, in a strategy known as macro investing. The S&P 500 fell 3.1% in July, while Europe's Dow Jones STOXX 50 Index dropped 3.8%.