Some Hedge Funds Gaining in Bear Market

Hedge funds, even supposedly market neutral funds are struggling as a group. But not all hedge funds are posting negative returns. Take Bernard Drury and his Drury Capital who's fund is up 60% since January 1. Bernard is a bit of a rarity on Wall Street: a hedge fund manager who is making money instead of losing it. Faced with massive redemptions amid falling returns, many hedge funds have been forced to sell positions including stocks, bonds and other derivatives.

Some of the losers: Kenneth C. Griffinof The Citadel Investment Group and Lee Ainslie of Maverick Capital.

Some of the winners: Conquest Capital Group, R. G. Niederhoffer Capital Management, MKP Capital Management; and the John W. Henry & Company.

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