R.G Niederhoffer gained back what it lost in May, the flagship Diversified program was up 2 percent in June, finishing the first half up 28.8 percent. Niederhoffer's flagship fund has positive correlation with S&P 500 (.INX)'s volatility, he expects it to rise in the coming months which will prove to be good for its strategy. However for now the funds are having one of their worst months in over a year as markets are rallying in July and are at low levels of volatility. Probably that is why the monthly letter does not include MTD July returns, an update which is customary for the fund.
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