Hedge Funds post losses in August

August was not a good month for hedge funds. Last month's market volatility has caused the $2.4 trillion industry to post its only losses of the year. Hedge funds declined about 1.3 percent in August, according to industry tracker Hedge Fund Research.

"For those that suffered from declines, it is still fairly early to provide any kind of concrete results," said Joel Schwab, managing director of Channel Capital Group, which tracks hedge fund performance. "The books may still be adjusted, numbers may still decline, and estimates could be revised downward."