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His problems have weighed on returns. He was up 6.3 percent in the first half, just barely more than the average hedge fund. Since then the gains shriveled to roughly 2.7 percent in mid-August, said an investor, who asked not to be named because the information is not public. The average hedge fund gained 4.5 percent in the first seven months of the year, according to tracking group eVestment.
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