Salient to Investors:

Hedge funds lost 2.9 percent in May. Are down 1.3 percent since Jan 1 versus 0.9 percent gain for equities worldwide, including reinvested dividends.

Paulson gold fund lost 13 percent in May, is down 23 percent in 2012.

Bloomberg hedge fund index is 14 percent below July 2007 peak.

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