The Hennessee Hedge Fund index gained 11.74 per cent during the first six months of 2009, its strongest gain for the benchmark since 1999 when it rose 14.81. Over the same six month period, the S&P 500 index rose 1.78 per cent.

A spokesperson said: “The last time we saw a double digit gain for hedge funds in the first six months of the year was in the midst of a strong bull market when the S&P was also experiencing double digit gains.”

And the Credit Suisse/Tremont Hedge Fund index will finish up 0.48 per cent in June which, following May’s strong performance of 4.06 per cent, gives a year-to-date figure of 7.23 per cent.