On the week, 11 of 26 categories ended down, with only 4 of these down more than 1%.  Worst of these, the only down more than 2%, was utilities, seeing nearly a 2.5% loss total.  Following utilities were dividend, convertible, and small cap funds.  To the upside, 6 of the 15 positive categories were up more than 1%, with 4 of those up more than 2% as well.  Best by far this week was China, returning a dollar-weighted 4.7%, followed by infrastructure, emerging markets, and retail funds.

    Now for the month, only short, convertible, currency, call/write, commodity, and Russian funds are down.  Other than short funds, these were down at most 2%, a much better figure than seen at other points in August.

    The market was also highly correlated on the whole, as the non-short category average correlation to the S&P was 85%.  This is likely due to high volatility causing money to flow out of equities into other assets in a relatively uniform way, possibly hinting at further arbitrage on underpriced categories.