York Capital Gains in July, J.C. Penney Debt Short Pays Off

After an all around abysmal June for James Dinan's York Capital, the hedge funds managed to turn around in July. The assets under management at York Multi Strategy rose from $5.4 billion at the end to June to $5.7 billion in July. The largest allocation of York Capital, multi-strategy funds, gained 2.7% in July, raising the year-to-date gain to nearly +8%.

July proved to be a good month for hedge funds in general, all major hedge fund indices posted a decent gain. The Eurekahedge Hedge Fund Index was up...